Note: This section contains information in English only.The US Dollar is moving northwards in ascending channel pattern against the South African Rand. The currency exchange rate just recently has rebounded against the pattern's lower trend line at 14.2885, and the rate is moving northwards. At the moment, the exchange rate is struggling with a resistance cluster put up by the weekly PP at 14.3199 and 200-period SMA at 14.3213. If the pair, breaks through the resistance, it will next face another resistance cluster around the level of 14.3650, where the 55 and 100-period SMAs are located at. Aggregate technical indicators forecast that the exchange rate will bounce off the resistance in the next hour. However, it is set to surge afterwards.
Wed, 27 Jul 2016 11:09:58 GMT
Source: Dukascopy Bank SA