USD/ZAR 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the highest level since at least 2009 of 11.4005, USD/ZAR commenced a gradual retreat that eventually pushed the pair into a bearish corridor restricted by two steadily converging lines.
Currently, USD/ZAR is vacillating at the 200-hour SMA at 10.7489 that is preventing the pair from decline to its 50-hour SMA at 10.7358. However, examining closer the location of the SMAs, we may conclude that the ‘golden cross' is highly likely in the foreseeable future thus if the pair manages to remain afloat in the hours to come it may get an impetus for a jump and may try to attain the upper boundary of the pattern.
© Dukascopy Bank SA
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