Alsi Trader: Where South African Rand is heading

Thursday, April 8, 2010

Where South African Rand is heading

I would like to take a look today where South African Rand is heading to. There are two charts on top. First one is daily EURZAR chart for last 3 years, while the second one is USDZAR daily chart for, more or less, same period.

As we can see from EURZAR chart, pair is in strong and solid downtrend, meaning that ZAR is getting stronger versus EURO. Currently, pair is very close to the bottom of the channel, so bounce toward upper line is possible. That can take us to around 9.95, which was previous support and should act as resistance now. Longer time frame can take us down to 9.33, what was major low in 2007. Finally, that can stop EURZAR decent and offer solid support for some time.

USDZAR is locked in trading range between 7.22 and 7.85 since around August 2009. Over last few days pair spent time on the lower side of the range with one unsuccessful break down. After false break, pair bounced some 10 points and is trading around 7.30 right now. Break of the range will probably take us down to support around 6.41 level, which was in play in October 2007. That is just a bit lower then channel projection of around 6.60.

Those charts are as info only, because our trading systems are making decisions for us.

Trade with trend!

4 comments:

Anonymous said...: What's up to every single one, it's truly a fastidious for me to pay a quick visit
this web site, it consists of precious Information.

Here is my webpage; diet that works; February 22, 2013 at 12:01 PM
Anonymous said...: I just like the helpful information you supply in your articles.
I'll bookmark your blog and take a look at once more here regularly. I am reasonably sure I'll learn many new stuff right here!
Best of luck for the next!

Feel free to visit my website; airplane simulator game; March 18, 2013 at 8:26 PM
Anonymous said...: For latest news you have to pay a quick visit internet and on web
I found this site as a best website for latest updates.

Here is my page ... diets that work; May 1, 2013 at 6:21 AM
Anonymous said...: Ridiculous story there. What occurred after? Good luck!

Also visit my site ... what should i weigh; May 15, 2013 at 11:13 AM

Post a Comment

Disclaimer

The information contained in the Http://alsi-trader.blogspot.com/ World Wide Web site is for reference purposes only, is not intended nor should be construed as legal, tax, investment or other advice, and is provided by Http://alsi-trader.blogspot.com/ as a complimentary service. Http://alsi-trader.blogspot.com/ has endeavoured to make every effort to ensure that all the information contained throughout this World Wide Web site is correct, accurate and maintained and updated on a regular basis. The content of other World Wide Web sites that may be linked to the Http://alsi-trader.blogspot.com/ World Wide Web site is not maintained or controlled by Http://alsi-trader.blogspot.com/ and, accordingly, Http://alsi-trader.blogspot.com/ is not responsible for the availability, content or accuracy of content on other World Wide Web sites that may be linked to, or advertised on, the Http://alsi-trader.blogspot.com/ World Wide Web site. By voluntarily viewing the Http://alsi-trader.blogspot.com/ World Wide Web site, you agree that your use of the information contained herein is at your sole risk. Http://alsi-trader.blogspot.com/, its directors, shareholders, employees, affiliates, agents, or the like, do not warrant (either express or implied) the accuracy or reliability of any information made available herein. Http://alsi-trader.blogspot.com/ cannot and does not accept any liability or responsibility for any loss sustained directly or indirectly to any person or organization acting on information contained in this World Wide Web site or for any inaccuracy or omission contained in this World Wide Web site.