USD/ZAR 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For most of the time this year, the USD/ZAR currency pair has been trading in the range from 10.50 to 11.00; although, in the very end of August the pair received a bullish impetus and formed a rising wedge pattern.
Since the formation of the pattern the pair's bulls have managed to breach the major level at 11.00. However, as the patterns trading range is becoming narrower a break-out is expected. The technical indicators are completely neutral for now. Although, the SWFX market participants are bearish on the pair, suggesting that the currency couple is overbought and a bearish break-out is likely to occur.
© Dukascopy Bank SA
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