FX.co ★ sabrina.fay | USD/ZAR

Hello. USD/ZAR continued its northern march yesterday, but not as actively as before. However, today the bulls gathered and re-entered the game, updating the previous high. Overall, technically everything remains for further movement to the north, but before that we will most likely see a small local correction. At least there are hints of this from a technical standpoint. On the hourly chart, the indicators remain for further movement to the north, but at the same time, the basement indicators have drawn bearish divergences hinting at a pullback. So during the day, we may walk around to about 16.400-450 in the short term perspective. On the 4-hour chart, the indicators continue to point in the northern direction, and the Bollinger Band here is still expanding, indicating the probability of the current upward impulse continuing. However, one of the basement indicators has stopped supporting the bullish sentiment, hinting at a pullback. This does not indicate a reversal, but seeing a decrease within a local correction is a quite probable scenario.