USD/ZAR 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
An advancement of the U.S. Dollar against the South African Rand started at a six-month low of 10.3604 reached in the first part of April. Since then, the pair has been on the rise and started to shape a rising wedge pattern later in the month.
At the moment, the currency pair is vacillating below the 50-hour SMA at 10.6403, albeit slightly; however, given that more than 60% of market players at the SWFX hold short positions, we may expect the instrument to retreat further from its short-term SMA in the hours to come.
© Dukascopy Bank SA
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