Technical analytics

USDZAR market technical outlook

Daily chart:

Downward correction headways to the pivot-level 14.5262 where upward reversal is very likely as already six bars in a row reside beyond lower Bollinger band!

We can expect upward bounce at least towards middle Bollinger band (15.1272).

H4-chart:

Strong bullish convergence of RSI oscillator amid clear and cute upward bounce off lower Bollinger band indicates, that upward reversal is almost a done deal already.

We expect growth of the pair to 14.8644 first and then to 15.1272.

H1-chart:

Intraday growth has serious bullish momentum. However ADX indicator continues to fall so far, that is inherent to inertia during reversal of the trends.

Thus after touch of resistance level 14.7796 we can expect one more corrective decline to the 14.6534-14.6972 region where the most optimal mid-term buy entry point resides.

Expectations:

Growth towards 14.7796, then pullback to 14.6534-14.6972 and new phase of growth in direction 14.8644.

Trading recommendations:

  1. Longs to 14.7796.

  2. Shorts from 14.7796 to 14.6534-14.6972.

  3. Longs from  14.6534-14.6972 to 14.8644.

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