| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Neutral | Buy |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇗ |
The USD/ZAR exchange rate has been trading within the symmetrical triangle pattern since the end of February.
As apparent on the chart, the rate is trading near the upper triangle boundary located circa the 14.45 mark. Also, note, that the currency pair is trading near the upper boundary of the long-term descending channel. Thus, it expected, that some downside potential could prevail in the market. A possible target is the lower triangle boundary at 14.00.
However, the pair is supported by the 55-, 100– and 200-hour SMAs. Thus, if the given pattern and channel do not hold, bulls could prevail in the market, and the rate could reach the Fibonacci 23.60% retracement at 14.67.