Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

So, bulls closed above resistance 15.1922-15.2567. We can make further positive forecast on this asset on the back of strong bullish ADX.

H4-chart:

Movement might be stalled at the area of psychological resistance 15.5000 - we see that ADX is overbought and this may mean approaching of correction.

H1-chart:

Intraday ADX resides in a weak zone. Therefore there are big odds for short-term downward correction from upper Bollinger band (15.3689) in direction of support 15.2567 (middle Bollinger band). Thus 15.2567 is the most perspective level for long trades.

 

Expectations:

Main scenario: Touch of 15.3689, then pullback to 15.2567 and start of new upward wave.

Alternative scenario: Direct growth to 15.5000 without prior correction.

Trading recommendations:

  1. Shorts from 15.3689 to 15.2567.

  2. Longs from 15.2567 to 15.5000.