USD/ZAR 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/ZAR has recently proven there is a dense supply area between 11.75 and 11.80 the pair is currently unable to penetrate. As a result, the US Dollar has been in a down-trend since the mid-December, and the currency is likely to continue to weaken, given that the bearish channel has been formed. However, right now USD/ZAR is undergoing an upward correction that has a good chance of extending through the immediate resistance at 11.59, represented by the 200-period SMA, towards the falling trend-line at 11.70. Subsequently, the bears should regain control of the market and push the price back to the lower boundary of the pattern at 11.35.
© Dukascopy Bank SA
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