REAL-TIME ANALYSIS: USDZAR
Time: 09:10am (SA)
Level: R15.81
Chart: 1H
The last line of yesterday's comment at R16.09 was: "Currently, support is being breached, suggesting bears attempting regain control of the price." Since, we have seen the pair in a bearish trend, trading through the prior breakout zone and trading at support of 22-25 Nov. From 8am thus morning, a long candle tail was formed, suggesting potential for a slowdown of the bearish momentum in place since midday yesterday. The 15.78-15.82 is a strong support zone as per the 1H chart, followed by R15.76. Currently, the pair also trades in a downward trending channel extending back to yesterday morning at 7am. Look for a break of this to signal a change in trend i.e. reversal back toward the 15.90/93 area.
Level: R15.81
Chart: 1H
The last line of yesterday's comment at R16.09 was: "Currently, support is being breached, suggesting bears attempting regain control of the price." Since, we have seen the pair in a bearish trend, trading through the prior breakout zone and trading at support of 22-25 Nov. From 8am thus morning, a long candle tail was formed, suggesting potential for a slowdown of the bearish momentum in place since midday yesterday. The 15.78-15.82 is a strong support zone as per the 1H chart, followed by R15.76. Currently, the pair also trades in a downward trending channel extending back to yesterday morning at 7am. Look for a break of this to signal a change in trend i.e. reversal back toward the 15.90/93 area.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.