USD/ZAR 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise above the 200-hour SMA on August 13 gave USD/ZAR an impulse to rally to more than a five-year high of 10.5109 touched on August 28. However, the pair came off this high to plunge to the pattern's support that stopped a drop and sent the currency couple near its 50-hour SMA, the level close to which the pair is trading now.
Confirmation of the bearish traders' sentiment would be a decline towards its 200-hour SMA at 10.2992 that sits below the pattern's support line, meaning that after breaching this level an accelerating drop should be expected.
© Dukascopy Bank SA
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Fri, 30 Aug 2013 06:53:09 GMT

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