USD/ZAR 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has been trapped by two upward sloping lines that represent boundaries of the wide rising wedge pattern that at the moment of writing was 294-bar long. The currency couple has recently re-approached the highest level in three months, an escalation to which enfeebled the pair and provoked a slight retreat to the current trading level. According to the SWFX data, USD/ZAR is likely to extend its losses as 71.43% of all orders are placed to sell the pair. At the same time, technical indicators call for an advance in the short term but are neutral for longer time period.
© Dukascopy Bank SA
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