© Dukascopy Bank SA
Even though the slopes of the trend-lines, which have been containing the currency pair for 450 hours already, are low, each subsequent peak USD/ZAR has reached and each subsequent valley the pair has posted since Jun 11 is a smaller deviation from the centre of the pattern.
Right now the pair is at the lower boundary of the formation, suggesting that we should expect a recovery to 10.2931/2414. However, according to the technical indicators and positioning of traders (72% are short), the support at 9.8742 is highly unlikely to withstand the current selling pressure.
© Dukascopy Bank SA