Technical analytics

USDZAR market technical outlook

Daily chart:

Situation is almost unchanged. Currency pair is extending flat around the area of middle Bollinger band (14.8107). ADX indicator resides in a weak zone and today this tendency most likely will be in progress.

H4-chart:

We note the borders of horizontal flat channel inside Bollinger bands (14.7092-14.8424). We can open long or short positions from the walls of this channel.

H1-chart:

Intraday channel is tighter and resides between support 14.7416 and resistance 14.8189. Current phase is upward, therefore so far we can go long towards 14.8189 and sell from this level reckoning on new decline towards 14.7416. 

Expectations:

Flat in the 14.7416-14.8189 range.

Trading recommendations:

Trading to both sides in the 14.7416-14.8189 range.

 

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