Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/ZAR Chart Painting an Increasingly Bearish Picture

USD/ZAR Chart Painting an Increasingly Bearish Picture

Paul Robinson,

Looking for forecasts, trade ideas, and educational content? Check out the DailyFX Trading Guides page.

USD/ZAR is currently testing support via a trend-line from March, along with support running back to June and the neckline of a head-and-shoulders pattern. It’s a firm area with all three varying support types in close proximity, so for the moment it is to be respected as solid support.

But should we see a solid breakdown (close below 13.95) then look for another leg lower to develop towards the July low around the 13.10-mark. Stops placed above all levels (old support, new resistance - ~14.25) should remain out of harm’s way if USD/ZAR is to sink in-line with expectations.

This will provide close to a 1:3 risk/reward ratio on swing trades. Those looking to play the set-up with shorter-term objectives can use the broader break as the signal to trade along the path of least resistance (i.e. – sell failing rallies and consolidation patterns).

These 4 tenets can help bolster your Confidence as a Trader.

USD/ZAR Daily Chart (Support needs to break first)

USD/ZAR daily chart, support needs to break first

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday’s for the Becoming a Better Trader webinar series.

Resources for Forex & CFD 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.