USD/ZAR 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is continuing a 384-bar long falling wedge pattern that originated at the highest mark since at least 2009 of 11.3895. Being constantly under a heavy selling pressure, the currency pair has been losing its value and now it is sitting near a six-month low of 10.3091.
In the foreseeable future, we are not likely to see any changes in the pair's trend given bearish technical signals and the mood of traders at the SWFX. Technical indicators are sending ‘sell' signals for short and long perspectives, while over 80% of positions at the SWFX are short.
© Dukascopy Bank SA
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