| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD (12; 26; 9) | Buy | Buy | Sell |
| RSI (14) | Neutral | Sell | Neutral |
| Stochastic (5; 3) | Neutral | Sell | Sell |
| ADX (14) | Buy | Buy | Sell |
| CCI (14) | Neutral | Sell | Sell |
| AROON (14) | Buy | Buy | Buy |
The US Dollar has been depreciating against the South African Rand since the beginning of January. This movement has been bounded within the medium-term descending channel.
Currently, the USD/ZAR exchange rate is testing the upper channel line. Note that the rate is supported by the 55-, 100- and 200-hour moving averages. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance level - the Fibo 23.60% at 14.67.
If the given channel holds, a reversal south could occur in the nearest future. Also, it is likely that bears could prevail in the market in the medium term, as the currency pair could continue to trade within the given channel.