USD/ZAR 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar is expected to depreciate against the South African Rand in the next 48 hours, given that the cross has recently bounced off the upper boundary of a bullish pattern. The long term outlook, however, is keeping the positive bias. The nearest obstacle is represented by the 55-hour SMA at 14.5634. A decline under this moving average line will provide access to the weekly R1 and 100/200-hour SMAs below 14.50. All of these demand levels are guarding the lower edge of the pattern, meaning the probability of a recovery is relatively high at the moment. On top of that, 4H technical indicators are pointing to the north. Moreover, the Greenback remains strongly oversold, as 73% of all SWFX opened trades are short.
© Dukascopy Bank SA
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