| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Sell | Neutral |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇒ | ⇘ | ⇗ |
Since the beginning of August, the USD/ZAR currency pair has been trading downwards, guided by a descending trend line.
Given that the exchange rate is pressured by the 55-, 100-and 200-hour moving averages, it is likely that some downside potential could prevail in the market. In this case the rate could gain support from the Fibo 38.20% at 16.25.
If the given support level holds, it is likely that a reversal north could occur, and the currency pair could re-test the Fibo 23.60% at 17.37. Otherwise, it is likely that the pair could target the Fibo 50.00% at 15.34.