| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Sell | Buy |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇘ | ⇒ |
The USD/ZAR currency pair reversed north from the lower boundary of the descending triangle pattern (4H time-frame chart) located at 14.52 at the end of October. Currently, the pair is trading at the 14.75 mark.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the exchange rate could reach the upper pattern line located circa 15.25 in the nearest future. However, the expected advance might not be immediate, as the rate has to target the resistance level—the monthly PP at 15.00.
Also, note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages. Thus, it is likely that the pair could re-test the lower pattern line in the short run. If the given pattern does not hold, it is likely the pair could target the Fibo 38.20% at 14.06.