Get started

ZAR

ZAR/JPY 1H Chart: Rising wedge in sightThe ZAR/JPY currency pair breached a long-term descending channel north at the beginning of November. The South African Rand has been depreciating against the Japanese Yen since the end of August. This movement has been bounded in a rising wedge. Currently the exchange rate is testing the resistance level formed by the Fibonacci 50.00% retracement at 8.23. Given that the pair is being supported by the 55-, 100– and 200-hour SMAs, it is expected that the pair target the upper wedge line located circa 8.46 in the nearest future. If given wedge holds, it is likely that a reversal south occurs within the following trading sessions.
by UnknownUnicorn890690
USD/ZAR 1H Chart: Downside potentialThe US Dollar has been depreciating against the South African Rand gradually since the beginning of August. This movement has been bounded in a falling wedge. During this week the pair has been trying to breach the resistance level formed by the weekly R1 at 14.54. Given that the exchange rate is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that the rate targets the lower wedge line located circa 13.85 within the following sessions. Technical indicators also support bearish scenario. If given wedge does not hold, a breakout south might occur. Potential downside target is the Fibonacci 50.00% retracement at 13.58.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Two scenarios likelyThe ZAR/JPY currency pair has re-tested the upper boundary of a medium-term ascending channel twice since the beginning of October. As apparent on the chart, the pair is currently trading near the upper channel line located circa 7.95. Given that the pair is supported by the 55– and 100-hour SMAs near 7.85, it is expected that a breakout north occurs in the following trading sessions. Technical indicators for the 4H and 1D time frames support bullish scenario. However, if given trend holds, a reverse occurs within following days. A potential downside target is the Fibonacci 23.60% retracement at 7.67.
by UnknownUnicorn890690