USD/ZAR 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending triangle pattern has just been confirmed to the downside, and the likelihood of US dollar's decline increased substantially. Right now the pair is only facing the 200-period SMA, a successful breach of which may open the way down to weekly S1 at 11.062. This idea is supported by short-term technical studies and 60% of market participants. Meanwhile, the latter support is reinforced by monthly pivot point, meaning that the pair is likely to have problems with crossing this level. Daily and weekly technicals even suggest the US dollar to bounce back and recover in the long-term. At the moment they give completely no signals to sell the American currency against South African rand.
© Dukascopy Bank SA
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