USD/ZAR 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar recently confirmed a falling wedge pattern against the South African Rand. The pattern started forming in the week following the UK referendum on membership in the European Union. At the moment, the currency exchange rate is in the middle of the pattern at 14.30, as it is moving downwards to the pattern's support line at 14.08. However, on its path downwards, the pair is struggling with the weekly S1 at 14.28, and it will later on face the monthly S1 at 14.14. In addition, daily aggregate technical indicators forecast a fall for the pair today and no changes during the week, which supports a theory of its downfall to the trend line and a rebound afterwards. Although, the USD/ZAR pair is close to being oversold, as 69% of open positions are short.
© Dukascopy Bank SA
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