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USD/ZAR Technical Analysis - USD/ZAR Trading: 2023-08-21
USD/ZAR Technical Analysis Summary
Below 18.9288
Sell Stop
Above 19.1514
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| 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 down toward the 200-period moving average MA(200) which is leveling off. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 18.9288. 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 19.1514. 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 agains the US dollar ahead of BRICS summit this week. Will the USDZAR price decline persist?
South African rand is gaining ahead of BRICS summit starting tomorrow. And the next day South Africa’s Consumer Price Index (CPI) data for July will be released. Both the headline inflation and core inflation are forecast to decline : to 5.2% and 4.8% over year respectively from 5.4%and 5% in June. South African economic data were mixed last week: business sentiment and building permits were better than expected while retail sales were weaker than forecast. The South African Chamber of Commerce and Industry (SACCI) business confidence index declined to 107.3 in July 2023, compared to June's 108.8 when a fall to 104.5 was forecast. And the value of recorded building plans passed in South Africa's larger municipalities rose by 10.8% from a year ago to ZAR 11.7 million in June 2023, after a 12% slump in the prior month. On the other hand South Africa’s retail trade fell by 0.9% from a year earlier in June when a 0.2% decrease as expected. The current setup is bearish for USDZAR.
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