USD/ZAR 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Bullish trend was observable over the last 72 hours, as USD/ZAR vacillated between two upward-sloping pattern lines that represent the resistance currently at 10.1801 (daily R2) and the support at 10.17088 (daily PP). At the moment the pair is trading close to the pattern's support level, and in case the line in the sand is breached, an accelerated decline towards the next support area at 10.1132 (daily S2) is highly possible.
At the same time, if the pair manages to bounce off the level of 10.1708 (daily PP), it may break the mark of 10.2225 (daily R1) and move closer to the pattern's upper trend-line that, if the pair jumps above it, will give impulse for a sharp advance.
© Dukascopy Bank SA
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