USD/ZAR 1H Chart: Upside potential apparent
Downside risks has been dominated the USD/ZAR exchange rate since the pair reversed from the upper boundary of a medium-term ascending channel at 15.47.
During this week the currency pair has been trying to surpass the resistance cluster formed by a combination the weekly and monthly PPs, as well the 55-, 100-, 200-hour SMAs and the Fibonacci 23.60% retracement in the 14.60/14.71 range. Technical indicators for the long term suggest that a breakout of given resistance cluster might happen in the nearest future.
However, this advance might not be immediate, and the pair could decline to the weekly S1 at 14.26 within following trading sessions.
During this week the currency pair has been trying to surpass the resistance cluster formed by a combination the weekly and monthly PPs, as well the 55-, 100-, 200-hour SMAs and the Fibonacci 23.60% retracement in the 14.60/14.71 range. Technical indicators for the long term suggest that a breakout of given resistance cluster might happen in the nearest future.
However, this advance might not be immediate, and the pair could decline to the weekly S1 at 14.26 within following trading sessions.