USD/ZAR 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a precipitous decline as a result of USD/ZAR testing a multi-month down-trend, the pair is now trading within the boundaries of a triangle. Accordingly, the pattern should be eventually broken to the downside. At the moment, the key support level is 15.22. However, the bearish potential of the pattern, nearly 0.40 rands, may not be fully realised. The reason is a formidable support level at 15.06, which has already managed to withstand several attacks during the last five weeks. Nevertheless, if the bearish pressure persists and the price drops lower, the next objective will be 14.81, represented by the weekly S1. As for the sentiment in the SWFX market, most of the traders are already short the Greenback, namely 72% of them.
© Dukascopy Bank SA
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