USD/ZAR 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Rectangle pattern formed by USD/ZAR is moving to its apex and soon we are likely to see a penetration of the support line. At the moment of writing the price stood at 9.917, only around 700 pips higher than the lower trend line. The idea of downside breakout is supported by aggregate technical indicators on 4H chart, which are sending "sell" signals. However, in a longer period, we are expected to see a pullback from current level, therefore the pair will continue moving within pattern's boundaries.
© Dukascopy Bank SA
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