USD ZAR Technical Analysis | USD ZAR Trading: 2023-01-25 | IFCM
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USD ZAR Technical Analysis - USD ZAR Trading: 2023-01-25

USD/ZAR Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 17,4

Buy Stop

Below 16,5

Stop Loss

Dmitry Lukashev
Senior Analytical Expert
Articles 2039
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

USD/ZAR Chart Analysis

USD/ZAR Chart Analysis

USD/ZAR Technical Analysis

On the daily timeframe, USDZAR: D1 has broken up the downtrend resistance line and the 200-day moving average line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if USDZAR: D1 rises above the latest up fractal and the upper Bollinger band: 17.4. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, latest down fractal, lower Bollinger band and 200-day moving average line: 16.5. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (16.5) without activating the order (17.4), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental Analysis of Forex - USD/ZAR

The South African Reserve Bank Interest Rate Decision will take place on January 26, 2023. Will USDZAR quotes go up?

The current South African Reserve Bank (SARB) rate is 7%. Market participants do not exclude its increase to 7.5%. If this does not happen, then the rate of the South African rand may weaken. In addition, the expected statement of the SARB regarding its monetary policy in the current year may affect the dynamics of the rand. Recall that South African inflation in December 2022 fell to 7.2% y/y from 7.4% y/y in November. The maximum increase in consumer prices was observed in July 2022 and amounted to 7.8% y/y. SARB inflation target range is 3-6%.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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