Technical analytics

USDZAR market technical outlook

Daily chart:

The price resides in lower Bollinger bands, therefore in medium term we can anticipate decline of the quotes to the 14.4976 region (lower Bollinger band). At the same time activity of ADX indicator remains on a weal level, therefore steep fall is unlikely.

H4-chart:

Local ADX has signs of bearish pressure, therefore we can consider only shorts so far. Targets are supports 14.6571 and 14.4976.

H1-chart:

On hourly chart we can note trading range insider lower Bollinger bands (14.7497-14.8024). We can’t rule out scenario of a flat, that is often inherent to Fridays when markets are getting ready for the weekend. But in case of downward break of this channel decline might be boosted. 

 

Expectations:

Decline in direction 14.6571 and 14.4976.

Trading recommendations:

Shorts towards 14.6571 and 14.4976.

 

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