USD/ZAR 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The rising wedge pattern on the four-hour chart of USD/ZAR remains topical, especially considering that the latest rebound from the lower up-trend support line seems to have failed to extend to the upper boundary of the figure. Accordingly, the chance of a break-out to the downside is now particularly elevated, regardless of the 4H technical indicators that are mostly bullish at the moment.
If the key demand zone around 10.2980 is violated, the first target for the decline is likely to be the most recent trough near 10.0995. In case the sell-off persists, 9.7447 and 9.5549 will become the next two most probable destinations for USD/ZAR.

© Dukascopy Bank SA
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