Technical analytics

USDZAR market technical outlook

Daily chart:

Downward wave is directed towards support 14.5374 (lower Bollinger band) where we can expect an upward bounce as market doesn’t possess a potential for a break, that is indicated by weak flat ADX.

H4-chart:

Another support at 14.6569 is broken. Bears keep control over the situation at the moment, therefore we can expect active movement in direction 14.5374.

H1-chart:

Intraday ADX indicator resides in a weak zone, therefore there is a probability of upward pullback to pivot-level 14.6784, that gives traders an opportunity to get optimal sell points towards 14.5374.

 

Expectations:

Main scenario: Upward pullback to 14.6784 and then decline in direction 14.5374.

Alternative scenario: Direct decline to 14.5374.

Trading recommendations:

  1. Shorts from 14.6784 to 14.5374.

  2. Longs from 14.5374.

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