| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Sell |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Buy | Sell |
| SAR(0.02;0.2) | Sell | Buy | Buy |
| Aggregate | ⇒ | ⇗ | ⇒ |
The ZAR/JPY exchange rate has been trading within the rising wedge pattern since the beginning of September. Currently, the rate is testing the resistance level formed by the Fibo 23.60% at 7.40.
Given that the currency pair is supported by the 55-, 100– and 200-hour SMAs, it is likely that bulls could prevail in the market, and the pair could reach the upper pattern line located 7.53 in the nearest future. However, the possible increase might not be immediate, as the pair has to surpass the resistance level formed by the monthly R1 at 7.48.
It is unlikely that the exchange rate could surpass the 7.55 mark due to the upper boundary of the long-term descending channel. Also, it is unlikely that bears could prevail, and the rate could drop lower than the psychological level at 7.00.