USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR's bullish trend assumes that the Greenback will continue rallying in the medium term. The price is going to near the supply zone at 14.33/37 in the foreseeable future. According to 4H technical indicators, the attempt to cross it will be unsuccessful. Moreover, 71% of traders are holding short positions at the moment. Nonetheless, favourable outcome is likely to extend gains up to the pattern's upper edge at 14.5144. Daily aggregate studies see USD/ZAR even higher in the next 24 hours, but the closest resistance will be then represented by the weekly R3 at 14.8377. Meanwhile, a separate RSI indicator is neutral on all time frames and suggests the pair remains neither overbought nor oversold.
© Dukascopy Bank SA
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