Get started

ZAR

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
USD/ZAR 1H Chart: Upside potential apparentDownside risks has been dominated the USD/ZAR exchange rate since the pair reversed from the upper boundary of a medium-term ascending channel at 15.47. During this week the currency pair has been trying to surpass the resistance cluster formed by a combination the weekly and monthly PPs, as well the 55-, 100-, 200-hour SMAs and the Fibonacci 23.60% retracement in the 14.60/14.71 range. Technical indicators for the long term suggest that a breakout of given resistance cluster might happen in the nearest future. However, this advance might not be immediate, and the pair could decline to the weekly S1 at 14.26 within following trading sessions.
by UnknownUnicorn890690
ZAR/JPY 1H Chart: Pair shows signals of reversalThe South African Rand has been appreciating against the Japanese Yen since the beginning of September after the pair reversed from the lower boundary of a medium-term channel at 7.12. As apparent on the chart, the pair is trading near the upper channel line. From the theoretical point of view, a reversal could occur in the nearest future. Technical indicators for the 1D and 1W time-frames also support bearish scenario. Possible downside targets for the following sessions is the 55-period (4H) SMA at 7.39 and the weekly S1 at 7.29. It is the unlikely case that some bullish pressure still prevails in the market, the currency pair should not exceed the resistance cluster formed by the Fibonacci 23.60% retracement and the weekly R1 near 7.70.
by UnknownUnicorn890690