The American Dollar is trading against the South African Rand in a symmetrical triangle pattern that started to form after a 12% appreciation of the buck in the end of May.
At the moment, the figure consists only of five confirmation points, which means that the current formation might sustain up until October.
On the other hand, the July’s fail to reach the lower support line allows redrawing boundaries of the pattern. In that alternative case a breakout might happen already by the end of August.
Most probably, the currency rate is going to choose a southern direction, as the opposite side is reliably secured by the 200-day SMA. Moreover, such course would allow the pair to continue to fluctuate within the senior formation.