USD/ZAR 4Hour Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Led by a channel down pattern, USD/ZAR came across 13.3543 which failed to give access to levels underneath, suggesting that the current downtrend might be losing momentum and a reversal could be on the way. A close above the upper trend-line at 13.5298 would likely result in a tap at 13.5957/6191 before a correction of the broken area. The surge will come across major risk at 13.7813/8233 and we will look for further signals if the level is reached. In case the double bottom turns out weaker than it appears, the rate will preserve the channel, setting 13.1571 as its next ultimate target.
© Dukascopy Bank SA
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