USD/ZAR 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
In addition to the large scale bearish nature of the pair, USD/ZAR continued the gloomy themes in a descending channel pattern and is currently on its way towards the bottom trend-line. The rate has dashed through a green Ichimoku cloud and will face 13.58 as the next demand zone. A break below the area would lead to tests of 13.51, which would then leave little to 13.31. The 3.22/21 channel bottom trend-line area would come into play to cause a bounce and initiate the next wave north. SMAs will weigh on the currency pair to ease the sliding motion.
© Dukascopy Bank SA
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Tue, 13 Dec 2016 08:58:37 GMT

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