USD/ZAR 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a strong negative bias towards USD/ZAR, as the currency pair has recently broken through the neck-line of the double top and formed a downward-sloping channel. The current rally is expected to stop developing at 13.3084 and give way for a new bearish wave. A close above this resistances will suggest a surge to 13.5721. However, the longer-term prospects are much less certain. The rate is approaching a support up-trend that connects troughs that appeared during the period between November 2014 and June 2015. At the same time, a half of the weekly technical indicators is sending ‘buy' signals, and the US Dollar appears to be oversold, being that 74% of open positions are short.
© Dukascopy Bank SA
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