Technical analytics

USDZAR market technical outlook

Daily chart:

Scenario with growth of the quotes in direction of upper Bollinger band (15.0467) pans out. Probability of reaching this target is very high.

H4-chart:

Readings of local ADX didn’t enter trending zone, therefore there is a probability of one more downward pullback. Such pullback might be utilized for new long-trades only. The closest target is 14.9800.

H1-chart:

We have tangible intraday dynamics and we see an attempt to break upper Bollinger band. In case bulls succeed we get one more solid attribute of further growth.

Expectations:

Growth towards 14.9800 with aim at resistance 15.0467.

Trading recommendations:

Longs to 14.9800 and 15.0467.

 

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