USD/ZAR 1H Chart: Long-term channel in sight

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The USD/ZAR currency pair continued to go upside and reached the upper boundary of the long-term ascending channel at 14.55.  

Currently, the exchange rate is testing the upper channel line. From a theoretical point of view, it is expected that the pair reverses south and targets the lower trend boundary. Important support level to look out for is the Fibonacci 50.00% retracement at 13.58. 

However, given that the rate is being supported by the 55-, 100– and 200-hour SMAs, it is likely that a breakout north from the channel occurs in the nearest future. A possible upside target is the psychological level at 14.80.

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