Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

The pair passed through the sticky pivot at 14.9043 yesterday. But today it’s again traded below this zone. This may be either a sign of gaining positions by buyers or an ordinary flat.  In this situation the most likely development appears downward pullback in direction of middle Bollinger band (14.7186).

H4-chart:

As we see downward phase of the movement was triggered by unfortunate for bulls testing of resistance 14.9507 (upper Bollinger band). Now we have nothing to do but wait for touch of lower Bollinger band (support zone 14.7186-14.7553).

H1-chart:

Support 14.7739 might prove a perspective demand zone. Earlier a bullish pattern Over&Under was formed here. Thus we expect decline of the quotes to this region and then upward reversal.

 

Expectations:

Decline to 14.7739 and following upward reversal.

Trading recommendations:

  1. Shorts to 14.7739.

  2. Longs from 14.7739.

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