USD/ZAR 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While on the daily chart USD/ZAR is currently moving from the lower boundary of the bullish channel pattern towards the upper, on the four-hour time-frame the currency pair is forming a rising wedge. Being that this formation usually portends a reversal, we should be especially careful when the price bounces off the resistances at 10.71, where it is currently headed, and returns back to the rising support line at 10.2989. Even though this demand area is strengthened by the 200-period SMA and many of the technical indicators remain bullish, there are substantial downside risks. If they materialise, USD/ZAR will most likely fall down to 10.28, but the dip may also extend to 10.73, where the figure was started.
© Dukascopy Bank SA
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