USD/ZAR 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

The USD/ZAR exchange rate reversed south from the upper boundary of the long-term descending channel located at 14.65 at the end of March.  

Currently, the rate is testing the support cluster formed by the 55-, 100– and 200-hour SMAs, currently located in the 13.98/14.05 range. If the given support holds, it is likely, that the currency pair reverses north and re-tests the upper channel line located circa 14.55. 

Otherwise, it is expected, that the pair continues to trade down and reaches the Fibonacci 50.00% retracement at 13.58.

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