USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is in a good position to keep advancing. For now there seem to be no resistances nearby capable of stopping the US Dollar from gaining even more ground. The pair is expected to respect the green trend-line and make yet another up-leg. A correction should commence in the region of 12.95, where the upper trend-line merges with the monthly R1. In case USD/ZAR loses momentum and 12.70 is breached, the bears will likely push the price down to 12.53, but we should be ready for a deeper decline, probably all the way down to 12.30, a solid demand area implied by the Jul 17 low and monthly S1. Meanwhile, the sentiment is distinctly bearish: 72% of positions are short.
© Dukascopy Bank SA
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