USD/ZAR 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is at a serious risk of dropping below the valley between two tops, which is also the pattern's support line at 13.5454. The US Dollar has just recently failed to cross one of the most important resistances represented by the weekly pivot point and 200-hour SMA at 13.66/67. In case the similar scenario repeats for the second time in a row, we will expect the Greenback to establish a downward trend against the South African Rand. There is no clear and unanimous signal given by technical indicators on different time-frames. On the other hand, market sentiment is distinctly bearish as more than 71% of all SWFX traders are holding short open positions at the moment.

© Dukascopy Bank SA
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Fri, 11 Sep 2015 14:32:07 GMT

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Fri, 11 Sep 2015 06:07:12 GMT

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