USD/ZAR 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR entered a symmetrical triangle in the first part of August and now is on verge of a breakout. Taking into account that the pair has been trading around the upper trend-line for most of the time lately the break-out could be bullish. Although, since there is weekly and monthly PPs at 10.664/676 ahead and 64.28% of the traders are short on the pair a bearish break-out could occur as well. In the nearest trading sessions there should be indications on the break-out's direction. In case the Greenback breaches the weekly and monthly PPs then we are likely to see further advance towards above the 10.700 mark.
© Dukascopy Bank SA
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