| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Sell |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Neutral | Buy |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇗ | ⇒ | ⇗ |
The USD/ZAR currency pair has been trading within a symmetrical triangle pattern since the beginning of April.
From a theoretical perspective, it is likely that the exchange rate could continue to trade within the given pattern until the end of May. Given that the rate is supported by the 200-period (4H time-frame chart) near 18.50, it is likely that a breakout north could follow.
However, if the currency pair fails to surpass the psychological level at 19.20, it is likely that a reversal south could occur. In this case the pair could gain support from the Fibos 23.60% and 38.20% in the 16.25/17.37 range.