USD/ZAR bounced back in the short term being located at the 14.2700 level. Still, the rebound could be only a temporary one as the outlook is bearish.
The pair has escaped from a continuation pattern, that’s why USD/ZAR may resume its downside movement. You should know that the price has rebounded in the short term only because the USDX increased a little.
Technical Analysis!
USD/ZAR dropped from a major range, so the outlook remains bearish. It moves sideways right below the weekly pivot (14.3710). Dropping again below the descending pitchfork’s median line (ML) and registering a new lower low could validate more declines.
Stabilizing under the median line (ML) could bring a new selling opportunity. Technically, the pair could come higher to test and retest the weekly pivot and the immediate downtrend line before dropping again.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply