USD/ZAR 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR executed a nearly perfect double bottom formation over the last week or so, shifting the momentum entirely in bulls' favour. A breach of the neckline at 13.7825 resulted in a surge towards supply at 13.9847, and we are looking for it to continue despite the 0.7% dip the pair took yesterday. The rally is likely to experience a hitch at the aforementioned level again, with some risk at 14.0976 before the major 14.2033/2452 area is addressed. A major bullish signal has been sent just moments ago, when the 200-hour SMA gave in to the 55-hour SMA, after conquering the 100-hour SMA the day before. Despite the directional risk being located on the upside, today's movements have sketched a weak descending triangle, suggesting that there is still potential for a return to 13.7920/7825.
© Dukascopy Bank SA
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