Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

Currency pair is traded right in the middle of the upper Bollinger bands range (14.2362-14.4885). Given that upper border of the range was already tested the odds of decline are higher. Though in general we should admit the tendency is mixed and further forecast is flat.

H4-chart:

We note local borders of sideways channel: 14.3546-14.5278. ADX indicator readings reside at flat level, therefore it’s unlikely that the asset will leave these boundaries.

H1-chart:

We note local support  at the area of lower Bollinger band (14.3652), from where we can expect an upward bounce in direction 14.4278.

Expectations:

Decline to 14.3652 and then moderate growth in direction 14.4278.

Trading recommendations:

Trades to both sides inside the 14.3652-14.4278 channel.