FX.co ★ sabrina.fay | USD/ZAR

USD/ZAR. Good afternoon. Dollar/Rand Yesterday it failed to develop a bullish mood, the bears tried to seize the initiative, but so far not very successfully. So for now I’m watching from the sidelines. On the hourly chart, the indicators still point to further decline, but the pair has now come up to test the middle Bollinger band from below, and depending on a breakout or a bounce it will show its further bias for the near term. One of the lower indicators has shifted into the upper zone, hinting at a breakout and growth scenario, with an approximate target of 16.850-900 in the short term. But it’s not worth opening long positions based on this assumption; in any case, it’s better to wait for the result of the test. On the four-hour chart, the indicators still favor further movement to the north, but within the correction the pair has climbed into the bearish zone of the Bollinger channel. It’s just too early to talk about consolidation here, and the channel’s narrowing itself does not confirm the development of a southern bias, although it doesn’t rule it out either. So different scenarios are possible.