Technical analytics

USDZAR market technical outlook

 Daily chart:

Currency pair is getting support at 14.5081 so far, that may let market retrace in direction of middle Bollinger band (14.7491).

H4-chart:

Low local trending potential limits trading range by the scope of lower Bollinger band (14.5347-14.7562).

H1-chart:

On hourly chart ADX readings drop as well, therefore the asset most likely won’t move below 14.5347 mark today.

Expectations:

Decline towards 14.5347 and then upward bounce in direction 14.6000.

Trading recommendations;

  1. Shorts to 14.5347.

  2. Longs from 14.5347 to 14.6000.

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