USDZAR - Short Term Analysis (1H)
CHART: 1H
UPPER HAND: Neutral
ANALYSIS: The pair has developed a descending triangle technical formation (within an upward trend), which implies that while bulls have dominant, bears temporarily have the upper have which is expressed by the lower highs in place since Friday (midday). Also highlighting a somewhat equal distribution of power is the Money Flow Index (MFI) at a 51 reading. Ideally, bulls would like to see the MFI breach the upper boundary as confirmation that the upward trend will continue while bears need R16.08/11 to be breached and subsequently turning into a resistance zone to confirm a change in short term trend. Currently, support is being breached, suggesting bears attempting regain control of the price.
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UPPER HAND: Neutral
ANALYSIS: The pair has developed a descending triangle technical formation (within an upward trend), which implies that while bulls have dominant, bears temporarily have the upper have which is expressed by the lower highs in place since Friday (midday). Also highlighting a somewhat equal distribution of power is the Money Flow Index (MFI) at a 51 reading. Ideally, bulls would like to see the MFI breach the upper boundary as confirmation that the upward trend will continue while bears need R16.08/11 to be breached and subsequently turning into a resistance zone to confirm a change in short term trend. Currently, support is being breached, suggesting bears attempting regain control of the price.
For more insights and real-time analysis, get in touch today.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.