USD/ZAR 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that a rebound of the USD/ZAR currency pair that has been in place during the past 36 hours is going to be stopped by the weekly R2 at 12.3995. Just recently the cross has failed to increase above this resistance and has already fallen down to 12.33. At the same time, the present weakness is not forecasted to persist for a long period of time. The nearest demand can be found at 12.27, where weekly R1, daily PP and 55-hour SMA are currently located. In the worst case, these lines should be strong enough to withhold bearish pressure. Moreover, despite a wide gap between bulls (30%) and bears (70%), technical indicators on all time frames are pointing upwards at the moment. 
© Dukascopy Bank SA
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