USD/ZAR 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA

Pair has been trading in a range since the end of May, but formed a quality Rectangle pattern only in the mid-June. Pair has been bouncing from the pattern's support to the resistance rather well which reflects in the 64% (quite above the average) pattern's quality measure. Taking in to account the range of the pattern, which is almost 5000 pips, this suggests significant trading opportunities for the traders. Especially taking in to account that technical indicators unanimously point at further appreciation of the pair in all relevant horizon. It is worth mentioning that Fibonacci retracements of May rally should be taken in to the analysis.


© Dukascopy Bank SA
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