Technical analytics

USDZAR market technical outlook

USD/ZAR

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.

H4-chart:

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.

H1-chart:

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.

Expectations: 

Flat in the 14.3471-14.4154 range.

Trading recommendations:

  1. Shorts to 14.3471.

  2. Longs from 14.3471 to 14.4154.