USD/ZAR 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is currently trading within a narrow short-term channel, and there is still room for the US Dollar to advance. The pair is expected to reach the last week's high before exiting the pattern. Future direction is still uncertain, but the bias is to the upside, considering that we have just completed a correction to 13.89 after the 19 Oct—Nov 16 rally. Whereas a close above 14.44 will imply a test of the monthly R2 at 14.65, a dip beneath the lower trend-line will substantially increase the risk of the exchange rate falling to the 200-hour SMA at 14.14. Meanwhile, the distribution between the bulls and bears is in favour of a surge: 30% of positions are long and 70% are short.
© Dukascopy Bank SA
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Fri, 27 Nov 2015 13:44:06 GMT

AUD/JPY 1H Chart: Double Top

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Fri, 27 Nov 2015 08:03:26 GMT

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