USD/ZAR 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As soon as the USD/ZAR currency pair touches the upper trend-line of the pattern, we expect the bearish momentum to activate. However, upside risks remain, as the cross is trading inside a reversal falling wedge pattern. Moreover, seven out of ten SWFX open positions are short, meaning there is much more new room for fresh long trades to be opened. USD/ZAR has to consolidate above the daily R3 at 14.5536 in order to secure an upside trend in the direction of the following resistance, namely the weekly R2 at 14.8222. On the other hand, if the bears push the Greenback back downwards, the key target level for them will become the 14.10 mark, or exactly the pattern's lower boundary.
© Dukascopy Bank SA
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