USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
According to the technicals the outlook on USD/ZAR is bullish. The currency pair is currently trading near the lower boundary of the upward-sloping channel, and a majority of the indicators are pointing north. The price is therefore inclined to confirm support at 13.76 and re-test Oct 29 high at 13.9166. If this resistance is broken, the target will be at 14.16, represented by the weekly R2, rising trend-line and September high.
On the other hand, a dip under 13.76 will imply a slide down to 13.60, where the monthly PP coincides with the weekly S1 and 200-period SMA. Meanwhile, the sentiment is distinctly bearish, as 70% of open positions are short.
© Dukascopy Bank SA
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