© Dukascopy Bank SA
USD/ZAR has been correcting lower since the middle of the previous working week. The currency pair covered 11 figures to the downside before reaching the current month's low at 12.5965. Signals among technical studies are unclear at the moment. While 4H and daily ones suggest losses and gains for the US Dollar, respectively, the weekly indicators are mixed, making the future outlook even more complicated. However, sentiment among traders is clearly bearish (71%). Therefore, the core scenario would assume a decline towards the lower trend-line at 12.5670. Being reinforced by monthly PP and 100-period SMA, it should provide the pair with new positive momentum.
© Dukascopy Bank SA