USD/ZAR 4H Chart: Falling wedge pattern in sight

Source: Dukascopy Bank SA
4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)BuyNeutralBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSell
Aggregate

Since the middle of September, the USD/ZAR exchange rate has been trading downwards within a falling wedge pattern.  

From a theoretical perspective, it is likely that the currency pair could continue to decline within the predetermined pattern in the nearest future. Then, a breakout north could occur. 

Meanwhile, note that the exchange rate is pressured by the 100– and 200-period moving averages in the 15.75/16.10 range. Thus, some downside potential could prevail in the market.

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