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Considering that USD/ZAR lately has been posting lower peaks and higher valleys, it has formed a triangle on a 1H chart. For the time being it is unclear whether there is going to be a bullish or a bearish break-out—at the moment technical indicators stay largely silent. On the other hand, 70% of market participants believe the U.S. Dollar will underperform in the future.
In any case the 200-period SMA is to play an important role in shaping the chart. Even though it has been breached on several occasions throughout the last 350 hours, the market is consistently confirming it as the support or resistance.
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