USD/ZAR 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar is expected to depreciate against the South African Rand in the next 48 hours, given that the cross has recently bounced off the upper boundary of a bullish pattern. The long term outlook, however, is keeping the positive bias. The nearest obstacle is represented by the 55-hour SMA at 14.5634. A decline under this moving average line will provide access to the weekly R1 and 100/200-hour SMAs below 14.50. All of these demand levels are guarding the lower edge of the pattern, meaning the probability of a recovery is relatively high at the moment. On top of that, 4H technical indicators are pointing to the north. Moreover, the Greenback remains strongly oversold, as 73% of all SWFX opened trades are short.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.