USD/ZAR 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall trend is bullish, however, after peaking at 11.398 on January 30, the greenback start losing ground versus the South African Rand. The pair is trading perfectly in line with Fibonacci retracement, and it seems that the pair is approaching a key retracement level, while is likely to hold pair's depreciation. This level is located at 10.268, however, the pair still has a room for a manoeuvre before the level is reached. Market sentiment is not clearly marked, while technical indicators are pointing at a retest of the resistance line. It is hard to predict whether the upper trend line will be breached soon, however, the short– and long-term outlooks are bullish.
© Dukascopy Bank SA
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