USD/ZAR 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US dollar / South African rand currency pair approached the point, where the eventual break-out from triangle pattern is considered to take place. At the same time, low trading volumes at the end of the year are likely to hold the pair from moving in any direction for some period of time. This idea is supported by short and medium-term technical indicators, which are giving neutral aggregate signals. Daily ones, however, think the Greenback is going to appreciate. Despite that, currently the pair is limited by a major resistance line around 11.6150 (55 and 200-hour SMAs; weekly PP). Moreover, 53% of SWFX market participants are holding short positions at the moment.
© Dukascopy Bank SA
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