USD/ZAR 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on USD/ZAR is strongly bullish, as nearly all the studies are suggesting a rally. First of all, the overall trend is upward. Secondly, even though the pair has recently struggled with resistance at 16.93, the ascending triangle implies that demand is building up. Thirdly, the indicators in all three relevant time-frames are pointing north. Finally, the US Dollar is far from being overbought—71% of open positions are short. Accordingly, we expect the rate to close above the monthly R2 in the nearest future, which in turn will pave the way towards the monthly R3 at 18.08. Even if USD/ZAR dips under 16.71, it will likely rebound from the up-trend at 16.30 and preserve the bullish momentum.
© Dukascopy Bank SA
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