The
USDZAR
currency pair is currently in an ascending triangle pattern. Conventional wisdom would have us believe that the ascending triangle pattern is a trend continuation pattern but in my experience, its can go both ways. It all depends which line gets broken and I think it will be the support line this time round.
There is a bearish divergence on the MACD while the Slow Stochastic is indicating weakness in price. In all likelihood, there will be one final push to the 14.50 level at which time you can go short. If you want to play it a bit safer, you can wait for a close below support and sell at 14.00.
USDZAR
currency pair is currently in an ascending triangle pattern. Conventional wisdom would have us believe that the ascending triangle pattern is a trend continuation pattern but in my experience, its can go both ways. It all depends which line gets broken and I think it will be the support line this time round. There is a bearish divergence on the MACD while the Slow Stochastic is indicating weakness in price. In all likelihood, there will be one final push to the 14.50 level at which time you can go short. If you want to play it a bit safer, you can wait for a close below support and sell at 14.00.