Technical analytics

USDZAR market technical outlook

Daily chart:

Downward correction didn’t get tangible development yesterday, but its progress still remains an actual scenario. We can consider mid-term short-trades in direction of lower Bollinger band (14.2700-14.3671 area).

H4-chart:

Local readings of ADX indicator correspond to further flat, therefore break below support 14.5820 (lower Bollinger band) is unlikely today. Thus we can consider new upward bounce from this zone in direction 14.7825.

H1-chart:

We confirm the presence of strong level 14.5820. Potential for break of this support is absent allowing to consider long-trades in direction of upper Bollinger band (14.7428).

Expectations:

Decline towards 14.5820 and then upward reversal in direction 14.7428.

Trading recommendations:

  1. Shorts towards 14.5820.

  2. Longs from 14.5820 to 14.7428.

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