USD/ZAR 4H Chart: Channel Up

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Sell Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

On a large scale the US Dollar is trading against the South African Rand in a symmetrical triangle pattern. Meanwhile, the pair has made a recent rebound against the support line of the triangle and formed a channel up pattern, which seems to be nearing its end. 

The ascending channel has reached a resistance cluster located from the 13.35 to 13.40 levels. The cluster consists of the weekly and monthly R1s, which are hindering the pair's ascent.

However, the pair is highly likely to rebound, as soon as the upper trend line of the triangle pattern descents, as on September 19 it was located at the 13.40 mark.

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