Technical analytics

USDZAR market technical outlook

 Daily chart:

The pair is in a flat for the fourth consecutive day around the area of middle Bollinger band (14.7800). Overall trading range is much wider and matches the scope of Bollinger bands (14.4891-15.0761), but these boundaries scarcely will be tested today as ADX potential is very small.

H4-chart:

Local ADX also resides in a flat zone, therefore market will remain in the limited range 14.7141-14.8554 (Bollinger bands).

H1-chart:

We have the same intraday picture. ADX doesn’t have trending potential, support is at 14.7141, resistance comes in at 14.8554.

 

Expectations:

Flat in the 14.7141-14.8554 range.

Trading recommendations:

Short-term trades to both sides in the 14.7141-14.8554 channel.

 

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