Technical analytics

USDZAR market technical outlook

Daily chart:

We’ve got a solid buy signal - bullish pinbar formed from dynamic support 14.5733 (lower Bollinger band). Thus during this week we might get growth of the quotes in direction of upper band (15.0577).

H4-chart:

Locally the price remains in a downward phase. which is limited by support 14.6094 (lower Bollinger band). This allows to get better buy points with smaller stops.

The closest targets of growth are 14.7243 and 14.8356.

H1-chart:

Intraday ADX readings are in a trending area already, therefore we can’t rule out a steep upward move from current levels. Bulls have an Important support zone to break for a full upward reversal of the trend - 14.7243-14.7324. The next target in case of break will be 14.8155. 

Expectations:

Main scenario: Growth towards 14.7324 and 14.8155.

Alternative scenario: Continuation of downward correction in direction 14.6094 and then steep upward reversal.

Trading recommendations:

Longs to 14.7324 and 14.8155 (optimal entry point is 14.6094).

 

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