USD/ZAR 1H Chart: Bulls expected to prevail
The US Dollar has depreciated gradually against the South African Rand during the previous two weeks. This movement down began when the rate reversed from the upper boundary of the senior channel valid since mid-November.
Even though the pair has edged lower in line with the senior pattern, it has not left its upper boundary. This suggests that a breakout might be due soon.
The US Dollar might still edge lower in this session down to a trend-line circa 11.45 prior to gaining momentum and breaching the senior channel circa 11.65. This area could mark slight resistance, given that the 55–, 100– and 200-hour SMAs should be located nearby. A possible upside target for the following two weeks could be the 12.00 mark.
Conversely, the Greenback might breach the aforementioned trend-line and approach the monthly S2 near 11.30.
Even though the pair has edged lower in line with the senior pattern, it has not left its upper boundary. This suggests that a breakout might be due soon.
The US Dollar might still edge lower in this session down to a trend-line circa 11.45 prior to gaining momentum and breaching the senior channel circa 11.65. This area could mark slight resistance, given that the 55–, 100– and 200-hour SMAs should be located nearby. A possible upside target for the following two weeks could be the 12.00 mark.
Conversely, the Greenback might breach the aforementioned trend-line and approach the monthly S2 near 11.30.
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