One of my followers asked me to review the EUR/ZAR and ZAR/JPY Forex pairs. Neither of these exotic currency pairs are part of my usual stable and both reflect that the South African Rand has been under pressure for a long time. However, as with all trends, they don’t run in straight lines forever so watch for any mean reversion move, even if only temporary. Interestingly, both pairs have my preferred chart pattern of the Descending Wedge visible on one of their time frames.  The usual caution applies here: make sure you perform your own due diligence and only trade with funds you can afford to lose.

EUR/ZAR

EUR/ZAR monthly: this pair has essentially been in an uptrend since 2000. Note the pattern of higher Highs and higher Lows:

EUR/ZAR weekly: The 21 level seems to be effective resistance for the time being. Note how the 18 S/R level is not too far from the 61.8% Fibonacci level of the recent swing High move so watch for any support from this region:

EUR/ZAR daily: note the look of a Descending Wedge on the price action of this recent pullback:

EUR/ZAR 4hr: the 61.8% Fibonacci of this Descending Wedge is up near the 20 level and this is also a reaction zone of some note:

EUR/ZAR 4hr expanded: watch for any support from this bottom trend line:

ZAR/JPY

ZAR/JPY monthly: note the look of a Descending Wedge on this price action:

ZAR/JPY monthly + Fibonacci: the 61.8% Fibonacci of this Descending Wedge is up near the 14.75 level and this is also a reaction zone of some note:

ZAR/JPY weekly: there isn’t much momentum here but watch for any push to the upper wedge trend line:

ZAR/JPY daily: any break above the upper wedge trend line would bring the recent High, near 7.85, into focus:

ZAR/JPY 4hr: higher Highs and higher Lows here so in an uptrend for now: