USD/ZAR 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A four-month low touched in mid-September was a starting point of a channel up pattern formed by USD/ZAR that was 238-bar long at the moment of writing. Since November 14, the pair has been locked between its SMAs, with 50-bar SMA acting as a strong resistance and 200-hour SMA preventing a sharp depreciation of the pair. Traders expect the pair to move closer to its200-bar SMA as 66.67% of them are bearish on USD/ZAR. Meanwhile, technical indicators send mixed signals, being neutral for the short-term, bullish for the medium-term and bearish for the longer time frame.
© Dukascopy Bank SA
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