Technical analytics

USDZAR market technical outlook


Daily chart:

ADX indicator shows tangible bullish pressure that probably shortly will drive to reaching the upper Bollinger band (18.4707) by the pair.


Intermediate dynamic resistance level 18.1543 (upper Bollinger band) is capable to keep the quotes below for a while. But most likely it won’t be able to cancel scenario of testing 18.4707.


On hourly chart we note a very low potential of ADX. This means the pair may stay inside Bollinger bands (17.8600-18.0059) until appearance of some informational driver.


Main scenario: Flat in the 17.8600-18.0059 range as preparation for further growth in direction 18.4707.

Alternative scenario: Growth in direction 18.4707.

Trading recommendations:

  1. Longs to 18.4707.

  2. In case intraday flat is confirmed, we can consider short-term trading to both sides from the walls of 17.8600-18.0059 channel.