USD/ZAR 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 312-bar long rising wedge pattern formed by USD/ZAR started in the end of September when the pair was on its way to recovery after a retreat from a five-year high hit in the last days of August. Currently the pair is trading above its 50-bar SMA, albeit slightly. However, a breach of this important level is not considered to signify an upside potential as 62.50% of market participants are still bearish on the pair. To confirm traders' expectations, the currency couple has to reverse its trend and dive below the 50-bar SMA that will add selling pressure and may lead to a fall to the pattern's support line lying not far away from the 200-bar SMA.
© Dukascopy Bank SA
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