Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

Bulls are coming to mid-term resistance 14.6091 (upper Bollinger band) amid growing ADX readings suggesting high probability of successful break. Thus we can expect continuation of the quotes’ recovery in direction 14.8670 (in medium term, beyond one day).

H4-chart:

Key and confirming level today is 14.5689, where we have a probable bearish zone of sell offs, which was formed on junior time-frames. But given the domination of bulls on senior frames we should stick to more likely scenario of further growth. Break of 14.5689 mark would be a confirmation of further growth.

H1-chart:

Another strong local pivot is successfully broken, therefore there are almost no doubts in extension of upward tendency.  Besides, here we see a very active phase of ADX indicator in favor of bulls.

 

Expectations:

So, we expect growth to 1.6091-1.6100 with high odds of break higher.

Trading recommendations:

Longs to 1.6091-1.6100.