USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR is poised for a decline in the near term. The currency pair is currently trading near the upper trend-line of the channel, and it seems to have formed a rising wedge within the bullish pattern. The US Dollar is expected to bounce off the resistance area at 12.93 and pierce through the short-term up-trend at 12.80 (also weekly PP). The sell-off should come to an end in the region of 12.60, where the multi-month up-trend merges with the Aug 7 low and 200-period SMA. Additional support is at 12.53, represented by the weekly S2 and monthly PP. In the meantime, as many as 71% of all open positions are short, but if USD/ZAR closes above 12.93, the focus should shift to 12.20.
© Dukascopy Bank SA
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