Technical analytics

USDZAR market technical outlook

Daily chart:

Tendency for flat inside upper Bollinger bands (14.9798-15.4393 range) is still in place with certain positioning advantage of bulls, who have rising upper Bollinger band to their credit.

H4-chart:

Local phase is downward. Bulls couldn’t break resistance at the area of upper Bollinger band (15.3100), that triggered drop in direction of round psychological level 15.0000.

H1-chart:

Hourly lower Bollinger band is broken, that can be considered a forward-looking indicator for potential break of upward trend line at 15.2030. This will drive to overall drop of the quotes in direction 15.0847 and 15.0120.

 

 

Expectations:

Decline in direction 15.0847 and 15.0120.

Trading recommendations:

Shorts towards 15.0847 and 15.0120.

 

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