Technical analytics

USDZAR market technical outlook

 Daily chart:

Flat tendency around middle Bollinger band (14.7400-14.7500) is still in place. There are no signs of flat ending so far.

H4-chart:

We note borders of local horizontal channel: 14.7658-14.8507 (Bollinger bands). We can trade from these lines to both sides.

H1-chart:

Strong intraday resistance 14.7783 (upper Bollinger band) provokes downward movement at the moment, which might be capable to reach support zone 14.6758-14.6928, from where we might open long-trades again.

Expectations:

Decline in direction 14.6758-14.6928 and then growth towards 14.7783.

Trading recommendations:

  1. Shorts towards 14.6758-14.6928.

  2. Longs from 14.6758-14.6928 to 14.7783.

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