USD/ZAR 1H Chart: Downside potential - Trade Pattern Ideas - Dukascopy Bank

Mon, 21 Jan 2019 13:12:28 GMT
Source: Dukascopy Bank SA
 

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

The US Dollar has been depreciating against the South African Rand since the end of December when the pair reversed south from the upper boundary of the falling wedge at 14.70.  

From a theoretical point of view, the general direction is expected to remain south within following trading sessions. It is likely that the pair targets the lower wedge boundary located circa 13.35. 

Important support level to look out for is the Fibonacci 50.00% retracement at 13.58.


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