USD/ZAR 1H Chart: Bearish in short-term
The South African Rand has been appreciating against the US Dollar for three sessions after the USD/ZAR pair reversed from the upper boundary of a medium-term ascending channel at 15.65.
As apparent on the chart, the US Dollar has reached the weekly R1 at 15.04. In addition, the pair is pressured by the 55– and 100-hour SMAs. These two factors allow to think that the pair could aim for the support cluster formed by the weekly and monthly PPs near 14.45.
Meanwhile, technical indicators flash bullish signals in both the short and long terms. This means that some advance northwards may still occur until the upper boundary of given channel
As apparent on the chart, the US Dollar has reached the weekly R1 at 15.04. In addition, the pair is pressured by the 55– and 100-hour SMAs. These two factors allow to think that the pair could aim for the support cluster formed by the weekly and monthly PPs near 14.45.
Meanwhile, technical indicators flash bullish signals in both the short and long terms. This means that some advance northwards may still occur until the upper boundary of given channel