Technical analytics

USDZAR market technical outlook

Daily chart:

Scenario of the quotes’ growth pans out during execution of bullish inside bar. Potential of this movement apparently won’t be exhausted till upper Bollinger band (15.3404) isn’t tested. However today bulls might get a hitch because of a complex pivot at the area of middle band (15.0334, watch the black trajectory).

H4-chart:

As we see bulls are attacking having trending state of ADX indicator, that makes much more likely scenario of break of 15.0334 and further movement towards 15.3404 (red arrow).

H1-chart:

Upper Bollinger band is broken being an additional buy signal. We expect touch of middle band (14.9088 area) and open long-trades with count on move above 15.0334.

Expectations:

Testing of 14.9088 and then growth above 15.0334.

Trading recommendations:

Longs from 14.9088 to 15.0334.

 

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