USD/ZAR 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At first it seemed as if USD/ZAR was forming a falling wedge. However, the bullish potential of the pattern was not realised, as the pair plunged through the lower boundary of the figure, giving a bearish channel a chance. Since the price has recently bounced off of the lower boundary of the emerging channel, USD/ZAR will probably rise in the near term, but the expected rally is likely to be shallow due a formidable supply area between 16.10 and 16.20, created by two trend-lines and the weekly pivot point. An additional significant resistance level is at 16.35, represented by the long-term moving average. Meanwhile, the immediate support is at 15.87, followed by the falling trend-line at 15.71.
© Dukascopy Bank SA
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