USD/ZAR 1H Chart: Short-term increase expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Sell Buy
 Alligator(13;8;5) Buy Sell Sell
 SAR(0.02;0.2) Buy Buy Sell
 Aggregate

The US Dollar has been appreciating against the South African Rand since the beginning of February when the pair reversed north form the lower boundary of the falling wedge pattern at 13.28.

From a theoretical point of view, the general direction is expected to remain north until the upper pattern boundary located in the 14.20/14.30 range is reached. However, the exchange rate has to surpass strong resistance level formed by the Fibonacci 38.20% retracement at 14.06. 

If given resistance level holds, it is likely that the currency pair targets the lower wedge line located circa 13.15.

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