USD/ZAR 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
We should be wary of a potential bullish breakout this week. The currency pair is trading in a well-defined falling wedge, a pattern that portends a rise in demand. The key resistance is therefore the red trend-line. If the price closes above 15.94, this will be a strong argument in favour of the Dollar resuming the rally that started in October last year. However, there will still be tough obstacles in the way, namely the monthly pivot point at 16.1270, the 200-period moving average at 16.20, and the January high at 17 rands. Alternatively, should the lower boundary of the pattern give in first, the focus will be on the demand area at 15.31/15.25, where the weekly S2 is joined by the monthly S1.
© Dukascopy Bank SA
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