USD/ZAR 1H Chart: Pair likely to decline
The US Dollar has strengthened against the South African Rand since late March. The pair was appreciating gradually for two weeks prior to skyrocketing last week. This strong upward momentum resulted in a test of the 12.50 mark which is located near the senior channel.
By mid-Thursday, the pair had breached the steep junior channel and returned near the weekly R3, the monthly R2 and the 55-hour SMA at 12.35. It is likely that the Greenback continues to move lower during the following sessions. Some slight hindrance might be met near the 12.20 area due to several important support levels being located there. A reversal to the upside might occur circa 12.10 where a medium-term trend-line is situated.
On the other hand, a failure to breach 12.30 should be followed by a test of the 38.20% Fibonacci retracement near 12.70.
By mid-Thursday, the pair had breached the steep junior channel and returned near the weekly R3, the monthly R2 and the 55-hour SMA at 12.35. It is likely that the Greenback continues to move lower during the following sessions. Some slight hindrance might be met near the 12.20 area due to several important support levels being located there. A reversal to the upside might occur circa 12.10 where a medium-term trend-line is situated.
On the other hand, a failure to breach 12.30 should be followed by a test of the 38.20% Fibonacci retracement near 12.70.
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