USD/ZAR 4H Chart: Broadening Descending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has recently reversed its direction against the South African Rand without confirming the upper trend line of the descending channel pattern, in which it has been since the beginning of January. While moving lower, the currency exchange rate formed a broadening descending wedge pattern, which is aimed to hit the channel's support line in the second half of September. The aggregate technical indicators on various timeframe confirm that the rate will move in the borders of the pattern, as a surge is forecasted on a daily timeframe, and by the end of the week there will be no changes in the currency exchange rate.
© Dukascopy Bank SA
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