USD/ZAR 1H Chart: Symmetrical triangle pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Thu, 14 May 2020 12:37:04 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralNeutralBuy
SAR(0.02;0.2)BuySellBuy
Aggregate

The USD/ZAR currency pair has been trading within a symmetrical triangle pattern since the beginning of April.  

From a theoretical perspective, it is likely that the exchange rate could continue to trade within the given pattern until the end of May. Given that the rate is supported by the 200-period (4H time-frame chart) near 18.50, it is likely that a breakout north could follow. 

However, if the currency pair fails to surpass the psychological level at 19.20, it is likely that a reversal south could occur. In this case the pair could gain support from the Fibos 23.60% and 38.20% in the 16.25/17.37 range.


Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.