Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

As we see, there is a pressure of ADX indicator at the area of mid-term resistance 15.1968 (upper Bollinger band) making possible upward break and following rally. Thus it’s a key level for the coming days.

H4-chart:

Locally we note a drop of ADX readings intensity, therefore most likely the break won’t take place today and we’ll see a flat in the range of upper Bollinger bands (15.0967-15.1968).

H1-range:

Intraday resistance is at 15.1682 (upper Bollinger band). Here we also see a low trending potential of ADX indicator and stable horizontal range of Bollinger bands. Thus the most likely scenario is continuation of potential accumulation in the 15.0700-15.1682 channel.

 

Expectations:

Main scenario: Touch of 15.1682 and then decline to 15.0700.

Alternative scenario: Break to 15.1968 and then switch to downward correction.

Trading recommendations:

Shorts from 15.1682 and 15.1968 to 15.0700.

 

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