Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

The pair continues to stay in flat in the middle of upper Bollinger bands’ range around the 17.4241 area. Thus we have an equal probability of growth extension in direction of the upper band (18.1915) as well as of a downward reversal to the middle band (16.5692).

H4-chart:

Local potential of ADX isn’t high, therefore the trading most likely will go range bound within Bollinger bands (17.2100-17.6669).

H1-chart:

On hourly chart we also note flat state of ADX indicator, therefore growth above the upper Bollinger band (17.4693) is in question. Support is 17.2100.

Expectations:

Main scenario: Flat in the 17.2100-17.4693 range.

Alternative scenario: Break above 17.4693 will drive to move toward the 17.6669 region.

Trading recommendations:

Shorts from 17.4693 and 17.6669 in direction 17.2100.