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