Technical analytics

USDZAR market technical outlook

Daily chart:

Downward tendency of the market in direction 14.4051 (lower Bollinger band) is still in place. We note rising activity of ADX indicator, that may speak to probable boosting of the quotes’ decline.

H4-chart:

Strong bearish pressure is present here as well. Thus we expect further development of downward wave in direction 14.4051.

H1-chart:

On hourly chart market so far resides inside stable sideways channel held by Bollinger bands (14.5225-14.5768). It appears that today we are going to get flat in this range.

Expectations:

Main scenario: Flat in the 14.5225-14.5768 range.

Alternative scenario: Decline towards 14.4051.

Trading recommendations:

  1. Trading in the 14.5225-14.4051 range.

  2. Shorts towards 14.4051.

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