Technical analytics

USDZAR market technical outlook

Daily chart:

Development of upward wave continues in direction of upper Bollinger band (15.2787), where we have a perspective mid-term resistance capable to reverse market to the downside.

H4-chart:

Locally the pair is being traded in the middle of upper Bollinger bands range, that keeps a chance for correction towards the area of middle band (14.8567). If such pullback takes place (due to release of the news, for instance), we might utilize it for entry to the upside with count on impulse growth in direction 15.3104. 

H1-chart:

On hourly chart potential of the market isn’t big, therefore buyers can meet the pair at psychological support 15.0000.

Expectations:

Main scenario: Pullback towards 15.0000 and then growth in direction 15.3104.

Alternative scenario: Deeper correction to the 14.8567 region and then growth in direction 15.3104.

Trading recommendations:

Seeking for local buy signals at 15.0000 and 14.8567.

 

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