USD/ZAR trades in channel patterns

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/ZAR currency exchange rate has been trading in two channel patterns. First of all, since early summer the pair has been surging in a channel up pattern. More recently, in late November the rate bounced off the upper trend line of the channel pattern and formed a smaller scale channel down.

At the end of January, the currency pair found support in the lower trend line of the channel up pattern and recovered. On January 31, the rate was approaching the resistance of the junior pattern and the 50-day simple moving average near 15.7300.

A move above the 15.7300 mark could result in the pair reaching the high level zone above the 16.0000 mark. Higher above, take into account the 2021 high levels at 16.2750/16.3750.

On the other hand, a decline would once again look for support in the lower trend line of the channel up pattern. Below the trend line, note the 200-day simple moving average near 14.8500.
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