empty
29.06.2022 07:10 AM
Trading plan for USDZAR on June 29, 2022

This image is no longer relevant

Technical outlook:

USDZAR rose above 16.09 during the New York session on Tuesday, falling in line with earlier projections. The US dollar gained ground across the board but the currency pair failed to push through the 16.20-30 interim resistance zone. It is quite possible that the pair will continue trading in the range between 15.70 and 16.10 for a while before breaking higher towards 17.10.

USDZAR has been broadly unfolding a larger degree corrective rally since June 2021 after printing lows around 13.37 as shown on the daily chart here. The corrective phase is expected to terminate at around the Fibonacci 0.618 retracement, which is seen at around 17.10. Bulls have carved the first wave through 16.36 followed by a corrective decline towards 14.40 as second wave termination.

USDZAR has been into its last leg higher from the 14.40 lows. It is expected to break higher towards 17.10 soon. The currency has carved a higher low at around 15.16 and ideally, prices should settle higher. Traders might be preparing to hold long positions for now and target the 17.10-40 levels against 15.00.

Trading plan:

Potential rally through 17.10 against 15.00

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the GBP/USD Pair on July 30? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair also continued its downward movement, although it ended fairly quickly. The macroeconomic background was weak yesterday

Paolo Greco 06:59 2025-07-30 UTC+2

How to Trade the EUR/USD Pair on July 30? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair continued its decline, although not at the same pace as on Monday. Recall that on Monday

Paolo Greco 06:59 2025-07-30 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 30: The Pound Temporarily Loses Its Advantage

The GBP/USD currency pair also continued its downward movement on Tuesday, though much more moderately compared to Monday or last week. The reasons for the pound's decline this week

Paolo Greco 03:47 2025-07-30 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 30: The Euro Crisis Continues

The EUR/USD currency pair continued its downward movement on Tuesday, although during the day, it made the first attempts to halt the decline and recover. Overall, we fully supported

Paolo Greco 03:47 2025-07-30 UTC+2

How to Trade the GBP/USD Pair on July 29? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded lower on Monday, although the decline started much later than it did for the euro. This appears

Paolo Greco 07:06 2025-07-29 UTC+2

How to Trade the EUR/USD Pair on July 29? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair plunged on Monday for quite understandable, logical, and consistent reasons. Essentially, the only event

Paolo Greco 07:06 2025-07-29 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 29: The Pound Didn't Expect This from von der Leyen

The GBP/USD currency pair traded more calmly on Monday. The European trading session passed entirely in a flat range, but during the U.S. session, the euro pulled the pound downward

Paolo Greco 03:44 2025-07-29 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 29: The Euro Takes a Hit to Its Ambitions

On Monday, the EUR/USD currency pair was engaged in just one activity — it was falling. Over the past six months, we haven't seen many crashes in the euro

Paolo Greco 03:44 2025-07-29 UTC+2

How to Trade the GBP/USD Pair on July 28? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD pair continued its decline, which began on Thursday. First, we would like to point out that the fall

Paolo Greco 07:25 2025-07-28 UTC+2

How to Trade the EUR/USD Pair on July 28? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded with minimal decline. By the end of the day, the euro had settled below

Paolo Greco 06:18 2025-07-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.