USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While considering only the recent several days USD/ZAR might seem a good buy, on a larger scale the pair has just made a contact with the upper trend-line of the long-term bearish channel. Accordingly, it is more likely that there is going to be a sell-off, through the up-trend at 12.0267 and through a cluster of supports at 12.00, potentially down to the lower boundary of the pattern at 11.60. However, the if the Dollar manages to gain a solid foothold above the major resistance trend-line, the outlook will be changed. In this case the rate will have a good chance to extend the gains up to 12.35. Meanwhile, the technicals are pointing north, and the sentiment is neutral (47/53).
© Dukascopy Bank SA
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