Technical analytics

USDZAR market technical outlook

Daily chart:

Contraction of trading range is in progress. Currency pair is being pushed to the downside towards support 14.6008 (lower Bollinger band), that points to accumulation of strong bearish potential. Though it’s enough room in the triangle, therefore we might expect an outcome next week.

H4-chart:

Downward wave probably will be stopped at support level 14.6390 (lower Bollinger band), from where an upward bounce is very likely and temporary recovery of the quotes in direction 14.8402-14.8500.

H1-chart:

Lower Bollinger band is broken giving us a sell signal. At the same time ADX indicator resides in a weak zone suggesting probable pullback towards middle band (14.7892 mark). Thus we can go short from 14.7892 to 14.6400 and then shift to going long (watch the black trajectory).

 

Expectations:

Touch of 14.7892 and then decline to 14.6400.

Trading recommendations:

  1. Shorts from 14.7892 to 14.6400.

  2. Longs from 14.6400.

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