USD/ZAR 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a four and a half-year high of 10.5149, USD/ZAD dropped below its 20-hour SMA that prompted a sell-off to 200-hour SMA, a dive under which created a notable downward pressure on the pair bringing an one-week low of 10.1569 back into the picture. After touching this mark, the pair rebounded to trade above its 20-hour SMA and below its 200-hour SMA that meanders close to the pattern's resistance at 10.3114.
Meanwhile, 60% of market players believe the pair may jump in the days to come. If traders' expectations materialize, the currency couple is likely to use its 20-hour SMA as a prop for a rise towards the pattern's resistance at 10.2881.
© Dukascopy Bank SA
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