USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall bias towards USD/ZAR is bullish, as the currency pair has recently left the boundaries of the four-month bearish channel and entered a new upward-sloping corridor. Appreciation of the US Dollar, however, is likely to prove to be difficult, considering that the pair is currently trading right at the upper bound of the pattern and at the same time it is approaching a cluster of resistances between 16.16 and 16.45, formed by the monthly R3 and February highs. We should therefore expect a sell-off down to 15.50 during the next several days. Nevertheless, the distribution between the bulls and bears favours a stronger Dollar—only one fourth of positions are long.
© Dukascopy Bank SA
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