USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback most recently began a short term surge against the South African Rand in accordance with an ascending channel pattern. However, the rate still remains on a larger scale in a descending channel. Moreover, it can be seen that the latest surge is a result of the rates rebound from the August Low level of 13.4420, and the low level is also a base for an incomplete head and shoulders pattern, which had been disturbed sooner than expected by the 200-period SMA. Although that information does not affect the future outlook, which indicates that the rate is up for a surge lasting until November. Moreover, SWFX trader sentiment approves a surge, as 73% of open positions are short, indicating at an upcoming move north.
© Dukascopy Bank SA
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