USD/ZAR 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a clear indication of the strong downtrend on USD/ZAR, as four consecutive fresh highs was each lower than the previous one. Moreover, just recently the pair has penetrated an important support level at 10.310, meaning bears are not ready to take a pause yet. Market sentiment is slightly bearish as well, while technicals are either neutral or sending ‘sell' signals. Therefore, the outlook for the pair is bearish and the pair will continue moving lower without moving first to the upper trend line. There are only two key support levels left, including weekly S1 and S2, while the next stop will be only pattern's lower boundary at 10.143.
© Dukascopy Bank SA
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