Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

The pair is coming close to long-term pivot-zone 14.4770-14.5000. It is possible to pass such barrier only having trending values of ADX indicator and we don’t see it. Thus the most likely scenario today is rebound to the downside off 14.4770.

H4-chart:

Locally bullish pressure of ADX is present, therefore we can describe the situation as arguable. Key zone is the same - 14.4770. Once it’s broken to the upside, we’ll get a solid signal for continuation of the quotes’ growth (watch the red arrow).

H1-chart:

On hourly chart we got two strong sell signals in a row: bearish pin from resistance 14.4770 and also an explicit bearish divergence of RSI oscillator. Thus we can consider only shorts towards 14.2247.

 

Expectations:

Decline to 14.2247.

Trading recommendations:

Shorts to 14.2247.

 

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