Technical analytics

USDZAR market technical outlook


Daily chart:

Yesterday bulls managed to gain a foothold above support 14.2914 (middle Bollinger band). It’s not a direct long-trigger, but anyway it confirms overall bullish potential of the market.


Locally, as we see, there is an opposite situation - bears are definitely going to test 1.2914 once again after downward bounce off middle Bollinger band.


We note strong intraday support level at lower Bollinger band (1.3471), which most likely will remain unbroken due to a very weak ADX state. Thus we expect touch of this level and then upward bounce in direction 14.4154.


Flat in the 14.3471-14.4154 range.

Trading recommendations:

  1. Shorts to 14.3471.

  2. Longs from 14.3471 to 14.4154.