USD/ZAR 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After setting an all-time high at 16.94, USD/ZAR started an extensive downfall and has been maintaining it ever since. It set a channel down pattern to frame the motion for the last three months or so, but managed to break it to the upside, giving out some fairly bullish signals over the last couple of days. The pair hit the 55-day SMA precisely to go on for a retracement of the broken trend-line, suggesting that a bounce from the upper boundary of the pattern is to serve as a starting point for a strong upward motion.
© Dukascopy Bank SA
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