USD/ZAR 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 58-bar long triangle pattern was formed by USD/ZAR on December 2. Despite the fact pattern's lower boundary is not horizontal, the triangle can be named as a descending triangle as well, as the level of 10.281 represent strong support. While the pair is still trading in pattern's boundaries, the pair is likely to be highly volatile soon, as both trend lines will converge on December 20, and from the perspective of the technical analysis, the downside breakout is more likely rather than a move to the north. Technical indicators are either neutral or sending "sell" signals. Secondly, 74% of opened positions are short, while vast majority of pending orders are placed to sell the pair.
© Dukascopy Bank SA
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