USD/ZAR 1H Chart: Two scenarios possible
After hitting a three-year low of 11.50 late in February, the US Dollar has began strengthening against the South African Rand. This movement has been constrained in a rather flat ascending channel. The most recent test of its bottom boundary was two weeks ago.
Being supported by the 55-hour SMA, the Greenback was able to breach a trend-line near the psychological 12.00 mark late on Thursday.
Technical indicators are neutral; thus, two scenarios should be looked at. On the one hand, the US Dollar might continue edging higher along the 55-hour moving average this week with upside potential being located at the upper line of the senior channel near 14.20.
On the other hand, the 12.00 area might surrender under the bearish pressure and push the pair down to the breached trend-line, the 200-hour SMA, the monthly PP and the weekly S1 in the 11.90/85 territory. In addition, the rate could fall even further down to the bottom channel line circa 11.70.
Being supported by the 55-hour SMA, the Greenback was able to breach a trend-line near the psychological 12.00 mark late on Thursday.
Technical indicators are neutral; thus, two scenarios should be looked at. On the one hand, the US Dollar might continue edging higher along the 55-hour moving average this week with upside potential being located at the upper line of the senior channel near 14.20.
On the other hand, the 12.00 area might surrender under the bearish pressure and push the pair down to the breached trend-line, the 200-hour SMA, the monthly PP and the weekly S1 in the 11.90/85 territory. In addition, the rate could fall even further down to the bottom channel line circa 11.70.
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