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Shorteurzar

I hope I'm RIGHT with this EUR/ZAR Analysis this timeThe previous analysis I hoped I was wrong, and ended up right with EUR/ZAR hitting R22.00. Great on the EGO bad on the pocket :/ Living in Europe and dealing with Rands is no joke. So hopefully, we can get some downside with the EURO now against the ZAR. So why would the ZAR strengthen? 🪙 Gold prices rising 📉 USD softer 🏦 SARB keeping rates high 🌍 Risk appetite favoring EMs ⛏️ Commodities boosting ZAR and looks like SA is forming an alliance between China and Russia and the Brics which is bringing strength to the rand for foreign direct investments. Technically speaking: M Formation Price<20 >200MA - Medium Probability Target R19.42 Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Short
by Timonrosso
I wish I was wrong with this but now it's looking better EUR/ZAROk so this was painful. The W Formation neckline broke above and since then headed to the target at R22.00 a EURO! For someone who travels to Europe a lot, it's not easy on the rands. But since it hit the target, it turned down and hopefully will stay down for now. We are currently at R20.34 with a first target at R20.00. And if it breaks below that we COULD see R19.00 again. But you'll be the first to know and I'll send the analysis. Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
by Timonrosso