Southafricanrand
Eur/Zar looks to be in "B" waveThe weekly and daily are both way over extended. It is also way over extended from monthly bollinger bands (see TDI turned into price currently here on monthly). We can get a running flat here, but if it goes down to break the low that could take us to the 13.00 level possibly. At a potential reversal spot now. But keep in mind this is the monthly chart.
EZA another shorting chance. Obvious Shooting Star and RejectionIf you still want to open shorts on $EZA now is the time.
1W Channel Up in progress. Long.USDZAR is trading within a very aggressive 1W Channel Up (RSI = 67.499, Highs/Lows = 0.6399) with 1D trying to establish a new support (neutral ADX, Williams, CCI, Highs/Lows) near its Higher Low territory. Even on the event of such pull back, the curve will again support the upside movement. In both cases we are long with TP = 15.400.
USDZAR - 08/15Weekly!
As they try and expropriate land in South Africa, so they chase away any Foreign Investment.
Oh, SA is also an emerging market and follows Turkey and other countries!
Vacation to SA anyone?
Channel Down on 1D. Early entry call for a short.EURZAR is just coming off a Lower High on the 1D Channel Down (RSI = 49.793, MACD = -0.062, Highs/Lows = 0). The support lines are highlighted with the blue dots and although we price the Lower Low at 15.100, our TP for the current short is 15.2200.
USDZAR ShortI like what I see
- Will allocate Short on a confirmed break of the blue Trendline.
- Volume profile on the Daily suggests price could retrace to +- 12.7-12.57 area.
- for the time-being, Fixed Income flows are favourable.
- I think the BRICs summit should provide some positive sentiment for USDZAR, who knows, maybe some deals...?
Counter arguments:
- worried that USDTRY will drag EM complex with it
- EM vs `DM carry - will look to yen as a litmus for this theme.
- factoring in the above point, we could see a Dollar shortage continue (EM fx will then weaken)
