Technical analytics

USDZAR market technical outlook

Daily chart:

ADX indicator gains trending power in favor of further active sell-offs! Today we expect break of support 14.5438 at lower Bollinger band and further drop of the quotes in direction of 14.1284-14.2698 region. 

H4-chart:

Local downward tendency is in place as well. Though RSI oscillator continues to converge with price chart that may point to a probable weakness of sellers.

Nevertheless ADX indicator resides in a strong trending area, therefore scenario of further decline remains the single option.

H1-chart:

Right now strong support 14.6023 is being tested, where there is a risk of “double bottom” pattern forming. But here we also have to note strong bearish ADX. Thus we expect break and further decline.

Expectations:

Decline towards 14.5438 with aim at 14.1284-14.2698.

Trading recommendations:

Shorts towards 14.5438 and 14.1284-14.2698.

 

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