USD/ZAR signals to possible weakness
USD/ZAR has been trading in a narrow ascending channel since early September. This upward movement has pushed the rate to its six-month high at 13.8548.
As apparent on the chart, the US Dollar has lost is strength during the last two up-waves, as its latest two peaks have failed to reach the upper channel boundary. The last peak was halted by the weekly R1 at 13.8550.
This might indicate to a change in the current bullish sentiment. In order to confirm the assumption of a possible momentum southwards, the rate has to breach the 55-, 100– and 200-hour SMAs and the weekly PP in the 13.75/13.50 area.
Nevertheless, the rate might still bounce off one of the aforementioned support levels and manage to push upwards. This move, however, is unlike to hold for long.
As apparent on the chart, the US Dollar has lost is strength during the last two up-waves, as its latest two peaks have failed to reach the upper channel boundary. The last peak was halted by the weekly R1 at 13.8550.
This might indicate to a change in the current bullish sentiment. In order to confirm the assumption of a possible momentum southwards, the rate has to breach the 55-, 100– and 200-hour SMAs and the weekly PP in the 13.75/13.50 area.
Nevertheless, the rate might still bounce off one of the aforementioned support levels and manage to push upwards. This move, however, is unlike to hold for long.
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