Technical analytics

USDZAR market technical outlook

Daily chart:

Currency pair continues to form support at the area of lower Bollinger band (14.4888-14.6046). At the same time we need to note, that tone of this accumulation is rather bearish - ADX grows, therefore during move of the indicator to trending zone, we might expect development of further mid-term downward momentum in direction 14.1284. 


We note local dynamic resistance from where traders most likely will continue to sell out the pair - it’s middle Bollinger band (14.7119). The closest target for bears is support 14.5638.


On hourly chart the pair also faces significant resistance at 14.6505 (upper Bollinger band). It looks like today we’ll get continuation of flat between this level and support 14.5638.


Main scenario: Flat in the 14.5638-14.6505 range.

Alternative scenario: Upward movement to the 14.7119 level and following downward reversal.

Trading recommendations:

Shorts from 14.6505 and 14.7119.


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