USD/ZAR 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
All kinds of triangles are highly attractive for traders, as all they have to do is to wait for a breakout. On March 20 bulls already made an attempt to penetrate pattern's resistance, however, that was only a throwback. Nonetheless, the outlook is bullish, keeping in mind the strength of the U.S. Dollar, a bullish throwback and ‘buy' signals from aggregate technical indicators on a daily and weekly charts. The key level for long traders is located around a strong psychological level of 11.00, also represented by a weekly R1 and a recent high. Vast majority (86%) of traders are holding short positions, therefore, we should not exclude a bearish scenario, with target at weekly S1 at 10.7106.
© Dukascopy Bank SA
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Tue, 25 Mar 2014 13:48:22 GMT

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