Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

Currency pair is trying to stabilize in upper Bollinger bands needing to overcome middle band (14.3544) for that. If this happens, bulls will get the room for growth up to broad pivot zone 14.5295-14.7636, which is very tough for penetration.

H4-chart:

We note the presence of broken upper Bollinger band - a signal of the quotes’ growth continuation. During execution of such setup a prior pullback towards middle band (14.1522) may take place. where we have the most optimal buy entry point respectively.

The closest target is resistance zone 14.4070-14.5295. 

H1-chart:

Intraday dynamics of the market has a sideways channel mode. Trading range so far is limited by the scope of Bollinger bands (14.2346-14.3544). ADX readings are on a flat level, therefore this tendency is likely to be extended.

 

Expectations:

Flat in the 14.2346-14.3544 range.

Trading recommendations:

Short-term trades in the 14.2346-14.3544 channel.

 

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