USD/ZAR 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is in the process of forming a double bottom. There were two attempts to break demand at 15.85, but both tries were unsuccessful, and as a result, the US Dollar is headed towards the potential neck-line at 16.45/41. If the price closes above this area, we will expect further recovery until 17 rands. Nevertheless, we should not forget about resistance at 16.78 (monthly R1 and weekly R2) that may trigger a correction.

Meanwhile, the sentiment is in favour of a rally, as the market is currently overcrowded with bears—72%. At the same time, weekly technical indicators are bullish, though there are mixed signals in the four-hour and daily time-frames.
© Dukascopy Bank SA
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