USDZAR - Short Term Analysis (1H)
CHART: 1H
UPPER HAND: Neutral
ANALYSIS: The pair has developed a descending triangle technical formation (within an upward trend), which implies that while bulls have dominant, bears temporarily have the upper have which is expressed by the lower highs in place since Friday (midday). Also highlighting a somewhat equal distribution of power is the Money Flow Index (MFI) at a 51 reading. Ideally, bulls would like to see the MFI breach the upper boundary as confirmation that the upward trend will continue while bears need R16.08/11 to be breached and subsequently turning into a resistance zone to confirm a change in short term trend. Currently, support is being breached, suggesting bears attempting regain control of the price.
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UPPER HAND: Neutral
ANALYSIS: The pair has developed a descending triangle technical formation (within an upward trend), which implies that while bulls have dominant, bears temporarily have the upper have which is expressed by the lower highs in place since Friday (midday). Also highlighting a somewhat equal distribution of power is the Money Flow Index (MFI) at a 51 reading. Ideally, bulls would like to see the MFI breach the upper boundary as confirmation that the upward trend will continue while bears need R16.08/11 to be breached and subsequently turning into a resistance zone to confirm a change in short term trend. Currently, support is being breached, suggesting bears attempting regain control of the price.
For more insights and real-time analysis, get in touch today.
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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.