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Home Technical Analysis

Dollar Nearing Towards Long-term Support vs Rand

Forex Tips by Forex Tips
November 20, 2020
in Technical Analysis
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USD/ZAR Highlights:

  • USD/ZAR falling into trend-line dating back to early 2018
  • Approximate confluence with weekly prices back a couple of years
  • With the context of the long-term trend may still be a broad pullback

USD/ZAR has continued its run of weakness as of late, with it now bringing into play an important trend-line dating back to the early part of 2018. The trend-line is in rough alignment with a pair of peaks created during 2018 and 2019.

This makes for an interesting spot to watch a price rejection as the potential lies for a floor to be created with the scope of the longer-term trend. The decline off the coronavirus spike high has been deep, but doesn’t necessarily mark the end of the bull market.

A turn higher soon off support could warrant using the pivot low as a spot of reference for both longs and shorts. Would-be longs could use it to assess stop placement while would-be shorts could use to determine whether to keep pressing short bets.

If the line were to fail there is a much longer dated one extending up from 2011 near 14 that could be targeted. In either event, whether we see a hold nearby support and turn higher, or break below and more weakness, we are at a cross-road that could shaping trading in the weeks ahead.

USD Forecast

USD Forecast

Recommended by Paul Robinson

Check out the Q4 USD Forecast

USD/ZAR Weekly Chart (2018 trend-line)

USD/ZAR weekly chart

USD/ZAR Daily Chart (watch for signs of a forceful rejection from support)

USD/ZAR daily chart

USD/ZAR Charts by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

—Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX





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