USD/ZAR 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since June of 2012 USD/ZAR has been consistently trading within two rising trend-lines, thereby forming a 400-bar long channel up pattern. At the moment the currency pair is moving away from the lower boundary of the figure, which is currently reinforced by the 200-day SMA, towards the upper one at 11.0129. In order to reach this mark the price will have to overcome a series of resistances, including the monthly R2 and R3 levels. And while the daily and weekly technical indicators are mixed, there are more ‘buy' signals on the monthly time-frame than there are ‘sell' signals. As for the sentiment, however, presently 75% of the SWFX market participants are holding short positions.

© Dukascopy Bank SA
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