Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

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

H4-chart:

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.

H1-chart:

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.

Expectations:

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.