USD/ZAR 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Through the summer months the pair was on a period of consolidation; however, on September USD/ZAR started to appreciate as it received a bullish impetus around the 10.60 level. However, just recently a rising wedge pattern formed.
At the moment, the pair is challenging the lower trend-line of the pattern. Moreover, if the daily S1 and 100-period SMA does not halt the current retreat then a sell-off could occur. The target level for the bearish traders is the major level at 11.00. Also, the traders' sentiment is to the downside, as 54.60% of the open positions are short. For bullish scenario the pair cannot fall below the weekly S1 and 100-bar SMA.
© Dukascopy Bank SA
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