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USDZAR market technical outlook

USD/ZAR

Daily chart:

So, previous day finally showed the strength of mid-term pivot 14.6529, which triggered close of the day in the shape of bearish pin. This signal might suffice for the start of new downward wave toward middle Bollinger band (14.3684).

H4-chart:

We note a potential sell entry point within bearish pattern O&U: 14.6519. Right now an upward bounce is in progress from support zone 14.5125-14.5515, therefore we can expect touch of 14.6519 and following steep reversal to the downside.

Target of decline is lower Bollinger band (14.3400-14.3584).

H1-chart:

On hourly chart market remains in a downward phase so far. We expect a move to the resistance area 14.6192-14.6519 and start of sell-offs.

Today the quotes scarcely will have the time to move below support zone 14.4930-14.5125. 

 

Expectations:

Growth to 14.6192-14.6519 and then downward reversal to 14.4930-14.5125.

Trading recommendations:

Shorts from 14.6192-14.6519 to 14.4930-14.5125.