Technical analytics

USDZAR market technical outlook

Daily chart:

As we see decline didn’t take place. It seems, that market will go to close gap at 15.0000-15.0380 before further mid-term downward movement towards 14.4891.

H4-chart:

Locally gap area can be well seen - it’s psychological round level 15.0000. Thus testing of this level is highly likely before a reversal. Traders consequently get a very perspective sell point in direction 14.5930.

H1-chart:

On hourly chart we can see an attempt to break upper Bollinger band suggesting potential momentum to the 14.9960-15.0305 region, from where in turn we can consider mid-term short-trades.

 

Expectations:

Growth towards 14.9960-15.0305 and then downward reversal.

Trading recommendations:

  1. Longs towards 14.9960.

  2. Shorts from 14.9960-15.0305.

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