Technical analytics

USDZAR market technical outlook

Daily chart:

Currency pair remains in a contracting triangle range between support 14.5255 and trend line at the 14.7100 zone. There is enough space in this range and we don’t have signs pointing to exit of the price beyond it so far. 

H4-chart:

Locally a tendency for contraction of the range can be also well seen. Support of the market is at 14.5874, resistance is at 14.6525. 

H1-chart:

We note intraday levels of support (14.6062) and resistance (14.6865-14.6977). ADX indicator remains in a weak zone, therefore scenario of a flat is the most expected.

 

Expectations:

Flat in the 14.6062-14.6977.

Trading recommendations:

Short-term trades inside the 14.6062-14.6977 range.