Technical analytics

USDZAR market technical outlook

Daily chart:

Rich news background creates steep moves for many assets. American dollar made a good recovery against South African rand. Now testing of 15.2787 (upper Bollinger band) suggests itself. At this level we have a solid resistance and from here we might expect a start of new downward wave.

H4-chart:

Locally we can observe strong trending pressure of buyers at resistance level 15.0758. We expect a break and a move to the 15.2787 region.

H1-chart:

On hourly chart we note correction of ADX indicator, that may let the price to retrace to lower Bollinger band (14.9414).

Expectations:

Main scenario: Pullback to 14.9414 and then growth in direction 15.2787.

Alternative scenario: Direct growth in direction 15.2787 without prior pullback.

Trading recommendations:

Longs from 14.9414 to 15.2787.

 

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