Technical analytics

USDZAR market technical outlook

Daily chart:

As we see bulls are unable to utilize short upward momentums suggesting continuation of flat around the area of cluster of middle Bollinger bands from three time-frames (14.7922-14.8731).


We note wider boundaries of trading range, which can be tested during flat: 14.6796-14.9534 (Bollinger bands).


On hourly chart lower Bollinger band was broken giving a signal of decline continuation. Thus we can consider shorts from upper Bollinger band (14.9061). Targets are support zones 14.7922-14.8165 and 14.6796-14.7000.


We expect touch of 14.9061 and then decline in direction 14.7922-14.8165 and 14.6796-14.7000.

Trading recommendations:

Shorts from 14.9061 to 14.7922-14.8165 and 14.6796-14.7000.