USD/ZAR 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the South African Rand in a falling wedge pattern. The wedge formed in the aftermath of a breakout from a triangle pattern. In the recent hours leading up to the discovery of the pattern the currency exchange rate reached the wedge's lower trend line at 14.10 level, where it began to slowly rebound. The pattern's support line is strengthened by the first weekly support level at 14.1188. In favor of the surge is also the fact that the currency pair is already oversold, as 75% of open Swiss foreign exchange positions are short.
© Dukascopy Bank SA
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