Technical analytics

USDZAR market technical outlook

Daily chart:

Downward phase of the movement, as we see, goes on the back of absence of ADX indicator activity, therefore it’s unlikely to get the movement below dynamic support 14.6869 (lower Bollinger band).

H4-chart:

We note local support area 14.7000-14.7646, from where we can consider long-trades in direction of mid-term offer zone 14.9798-15.0334.

H1-chart:

On hourly chart, as we see, there is a break of lower Bollinger band in a sign of continuation of the main tendency (to the downside). Given active ADX we can suppose, that bears will be able to attack support level 14.6869 today. 

 

Expectations:

Decline towards 14.6869.

Trading recommendations:

  1. Shorts towards 14.6869.

  2. Seeking for probable local buy signals at 14.6869.

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