USD/ZAR 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a high possibility of a rebound in the nearest future, but long-term short positions should be relatively safe until the price hits the ten-month up-trend at 14.20 rands. USD/ZAR is expected to bounce off of the lower bound of the emerging channel and the monthly S1 at 15.25/15, and the ceiling for this recovery is seen at 15.80, where the upper trend-line coincides with the weekly R1. A rally through this resistance level, however, is not going to mean a prolonged advancement. The reason is the supply area at 16.18/13, where the weekly R2 merges with the monthly PP and 200-period SMA. Additional resistance is at 16.45, represented by the weekly R3 and February high.
© Dukascopy Bank SA
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