USD/ZAR 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar entered a double top pattern on April 29 against the South African Rand. The currency exchange rate was in a steady upward trend from April 29 to May 19 when it topped for the first time at 15.99. There the pair met resistance and then changed direction. USD/ZAR had been falling until May 25, when it first touched the lower support at 15.50. However, the USD/ZAR pair fully rebounded and started moving back upward only on May 27 and peaked out the second time on May 30, when it reached the 15.88 level. Since then the trend has reversed, and the exchange rate has passed all the SMAs. The depreciation of the US Dollar against the South African Rand was accelerated even more by the low US non-farm payrolls data on Friday. At the moment, the pair is trading at 14.84, above the daily S1 at 14.82.
© Dukascopy Bank SA
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