| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Sell | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇗ |
The USD/ZAR currency pair has been trading upwards since the middle of September, after it reversed north from the lower boundary of the rising wedge pattern.
From a theoretical point of view, it is likely that the exchange rate would continue to extend gains within the following trading sessions, as it should reach the upper pattern line located circa 15.80/15.90. Important level to look out for is the Fibonacci 0.00% retracement at 15.64.
If the given pattern holds, a reversal south could follow, and the currency pair could go downwards in the medium term. Otherwise, it is likely that a breakout north could occur in the medium run. A possible upside target is the monthly R2 at 16.18.