USD/ZAR 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching 9.969 on August 7, USD/ZAR began a rally and until the moment of writing the pair has been appreciating. However, it seems that bulls will experience some difficulties around 10.513– more than a 5-year high, however, in case of penetration of this level, the pair is likely to head towards 1.643– pattern's resistance. Meanwhile, 74% of all opened position are short, and the fact the pair was not able to close above 10.500 is supporting the case of a possible retracement. In contrast, aggregate technical indicators on 4H, daily and weekly charts are positive, suggesting the pair will continue moving to the north.
© Dukascopy Bank SA
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