USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week it seemed that USD/ZAR was forming a symmetrical triangle after a sharp decline of Mar 16 and 17, which implied continuation of the sell-off. Nevertheless, the rate rebounded from the lower edge of the pattern and breached the triangle to the upside, giving way for a new pattern, as ascending channel. For the time being, however, USD/ZAR is undergoing a bearish correction, and the price is likely to slide down to 15.34 before another bullish wave that is to extend up to 15.67. As for the long-term, the US Dollar has the potential to appreciate up to 15.90 rand, but should top out there and begin falling due to the major down-trend resistance line that connects the January and March highs.
© Dukascopy Bank SA
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