USD/ZAR 1H Chart: Channel Down
The US Dollar has lost value against the South African Rand in the recent weeks, thus resulting in the formation of a channel down. In addition, the two massive plunges within the last few trading sessions have revealed a new junior pattern—a falling wedge.
Technical indicators suggest that the rate is likely to breach the wedge (in a rather flat motion) and approach the 55-hour SMA which is located near the upper channel boundary circa 13.05. Being reinforced by the 50.0% Fibonacci retracement, this resistance area may prove to be too strong to surpass, thus initiating a new move downwards.
In case of a fall, the bottom target is set by a combined support of the monthly S1 and the weekly S2 at 12.81.
Technical indicators suggest that the rate is likely to breach the wedge (in a rather flat motion) and approach the 55-hour SMA which is located near the upper channel boundary circa 13.05. Being reinforced by the 50.0% Fibonacci retracement, this resistance area may prove to be too strong to surpass, thus initiating a new move downwards.
In case of a fall, the bottom target is set by a combined support of the monthly S1 and the weekly S2 at 12.81.
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