USD/ZAR 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR lacked strength to push through the double bottom and attempt the neckline at 14.0606. An extended short-term dip could result in a descending triangle, if the support line at 13.8320 limits the weakness. We will look for signs at 13.9379 – a break above would suggest that the bullish themes continue for tests of the neckline, while a bounce would make us shift our focus to 13.8320 and 13.7557/7458 further on. A surge above the pattern would, however, put 14.1179 into perspective. With 74% of SWFX traders betting on a falling Rand, adverse pressures could elevate the pair towards equilibrium.
© Dukascopy Bank SA
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