USD/ZAR 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After peaking at 10.515 on August 28, the greenback began its depreciation against the Turkish Lira. Even though 73% of all opened positions are short, the pair is not likely to penetrate the support line soon. Meanwhile, aggregate technical indicators on a weekly chart are suggesting the movement to the north, hence the medium and long term outlook is bullish. However, the price is likely to continue moving in pattern's boundaries, as right at the level of pattern's resistance bulls can experience difficulties as at the same level is placed 200-bar SMA. Therefore, USD/ZAR is likely to continue channelling down until it receives a strong bullish or bearish impetus.
© Dukascopy Bank SA
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