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USD/ZAR Technical Analysis - USD/ZAR Trading: 2023-09-14
USD/ZAR Technical Analysis Summary
Below 18.7544
Sell Stop
Above 18.9707
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
USD/ZAR Chart Analysis
USD/ZAR Technical Analysis
The technical analysis of the USDZAR price chart on 4-hour timeframe shows USDCHF,H4 is retracing up to test the 200-period moving average MA(200) which is rising itself. RSI is on the edge of undersold zone. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 18.7544. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 18.9707. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - USD/ZAR
South African rand is strengthening against the US dollar ahead of its mining production data for July. Will the USDZAR price decline persist?
South African rand is gaining ahead of its mining production data today. The last report by Statistics South Africa on Monday showed manufacturing output fell by 1.6% over month in July, after a 1.2% rise in June. Markets forecasts for July was a 0.5% increase. On annual basis manufacturing production in South Africa rose by 2.3% over year in July of 2023, missing market estimates of a 4.4% surge. The output for the prior month was revised downwardly to 5.5% increase. Statistics South Africa is expected to report today mining production declined 2% over month in July after 1.3% increase in June. Expectations of declining mining activity in South Africa are bearish for the South African Rand and bullish for USDZAR currency pair. However the current setup is bearish for USDZAR.
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