USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 73-bar long channel up pattern has been formed by USD/ZAR since October 23. The pair started appreciation when it hit a one-month low a day before the formation of the pattern commenced.
Now the pair seems to have gained impetus for enduring upside after a recent jump above its short and long-term SMAs. A golden cross that occurred on October 28 also bolstered the currency couple. Technical indicators also support the idea that the pair is strong enough to continue climbing, being bullish for the short and medium-term but bearish for the long-term.
© Dukascopy Bank SA
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