USD/ZAR 1H Chart: Pair points to bullish momentum
After reversing from the 2017 high of 14.60 mid-November, the US Dollar began trading in a steep channel down against the South African Rand.
However, its movement during the past three weeks has been sideways in a flat descending channel. This suggests that the prevailing bearish momentum might weaken during the following weeks, especially when taking into account that the Greenback fell down to its lowest mark since mid-2015 early today. The pair should push towards the upper boundary of the junior channel near the 12.50 mark within the next two weeks.
Meanwhile, technical indicators suggest that the Greenback might fail to overcome the 200– and 100-hour SMAs circa 12.35 on its first attempt. In this case, the pair would be pushed lower towards the 12.20 prior to realising the aforementioned bullish scenario.
However, its movement during the past three weeks has been sideways in a flat descending channel. This suggests that the prevailing bearish momentum might weaken during the following weeks, especially when taking into account that the Greenback fell down to its lowest mark since mid-2015 early today. The pair should push towards the upper boundary of the junior channel near the 12.50 mark within the next two weeks.
Meanwhile, technical indicators suggest that the Greenback might fail to overcome the 200– and 100-hour SMAs circa 12.35 on its first attempt. In this case, the pair would be pushed lower towards the 12.20 prior to realising the aforementioned bullish scenario.
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