USD/ZAR 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Thursday the USD/ZAR pair penetrated the important support line at 10.361. The sell-off was not a result of fundamental news, hence, the pair is currently driven purely by the technicals. And according to aggregate technical indicators, the pair will continue depreciating. Market sentiment is slightly bearish as well, despite the fact the greenback is bought in 71% of the cases. In case the pair will be able to close below the current level, the re-test of 10.303 and then a move towards pattern's support will be anticipated. As an alternative scenario, we can suggest a move back to a recent high and weekly pivot at 10.532.
© Dukascopy Bank SA
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