Technical analytics

USDZAR market technical outlook

Daily chart:

Sharp testing of upper Bollinger band (14.8619) yesterday drove to equally sharp bounce to the downside. Thus we can regard the range of bands stable and the pair most likely will shift to downward phase in direction of lower band (14.5472).


Upper Bollinger band was broken by yesterday’s momentum giving a signal of growth continuation. Therefore we can get one more splash of buyers’ activity at the area of dynamic support 14.6865-14.7100 (middle Bollinger band). There is a very stiff resistance at 14.8258-14.8619, where it’s better to lock in profits on long-trades. 


Intraday downward phase is being poised to test support zone 14.6865-14.7100 where, as we saw it above, high demand is probable. Correspondingly trading tactics for today will be longs from this zone towards 14.8300 (upper Bollinger band).


Downward pullback to 14.6865-14.7100 and then growth to 14.8300.

Trading recommendations:

  1. Shorts to 14.6865-14.7100.

  2. Longs from 14.6865-14.7100 to 14.8300.

New articles