USD/ZAR 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel-like formation USD/ZAR had sketched over the last month or so lost volume of highs and established a falling wedge pattern. The pattern appears to be potentially mature enough to break at the upper trend-line at 13.8563 which it is currently testing. A surge outside of the pattern would encounter supply pressures at 13.8729/8857 and then 13.9606/9821, before 14.0595/0750 is attempted. While the 55 and 100-hour SMA crossover sends a strong bullish signal, which, in turn, supports our scenario, an additional wave south before the breakout cannot be eliminated - and would make 13.7713/7624 the next target.
© Dukascopy Bank SA
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