Technical analytics

USDZAR market technical outlook

Daily chart:

Massive bearish inside bar was formed from dynamic resistance 14.8420 (upper Bollinger band) yesterday, which confirms continuation of downward consolidation of the market. We expect decline of the quotes in direction of lower Bollinger band (14.5472).


Locally the pair is traded inside lower Bollinger bands, that also facilitates decline of the quotes in direction of lower boundary of the range (14.5719).


On hourly chart downward wave might get support at the area of lower Bollinger band (14.6323), where we can get a stop and switch to a flat.


Main scenario: Decline to 14.6323 and then pullback to 14.7000.

Alternative scenario: In case support 14.6323 is broken decline of the quotes will proceed in direction 14.5719.

Trading recommendations:

Shorts to 14.6323 and 14.5719.

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