USD/ZAR 4H Chart: Reaches Dominant Resistance
Although the USD/ZAR pair is not that popular due to low volumes and fundamental moves, a review of the pair needs to be done due to a recent rebound against a dominant resistance level.
The pair recently bounced off the combined resistance of a long term channel up pattern, monthly R2 and weekly R3 near the 14.30 mark. As a result of the meeting of the resistance level the pair has begun to decline down to the 14.04 level, where the weekly R2 is located at. Most likely that level will be reached and a short term rebound will reveal the most junior pattern.
Meanwhile, one should take into account that there is still active the support line, which forced the rate higher during the last week.
The pair recently bounced off the combined resistance of a long term channel up pattern, monthly R2 and weekly R3 near the 14.30 mark. As a result of the meeting of the resistance level the pair has begun to decline down to the 14.04 level, where the weekly R2 is located at. Most likely that level will be reached and a short term rebound will reveal the most junior pattern.
Meanwhile, one should take into account that there is still active the support line, which forced the rate higher during the last week.