USD/ZAR 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The breakout has already occurred. Nevertheless, the descending triangle pattern formed by USD/ZAR is still worth paying attention, as bulls have received another strong boost from the so-called throwback. After a move back to 10.393, the pair received another strong bullish bias, and as soon as bulls penetrate the 200-period SMA and recent high, then they will aim weekly R2 at 10.550. The key level, however, is located at 10.678. A move that high seems unrealistic, and will most likely, after a solid movement to the north, the pair will stop or pullback, as aggregate technicals on the weekly chart are pointing at pair's depreciation.
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