FX.co ★ sabrina.fay | USD/ZAR

USD/ZAR. Good afternoon. Dollar/Rand yesterday made its first attempt to turn to the north, but so far not very successfully. At the same time, the bulls are still trying to keep the initiative in their hands, so I’m looking to the upside as the higher-priority option for myself. Technically, on the hourly chart the indicators have drawn an intraday buy signal, but it hasn’t been activated here. If things turn out favorably for the bulls, there will be a chance to move north toward roughly 16.500-550 in the short term. On the 4-hour chart the indicators are still pointing south, so buying remains in question. The pair is now heading to test the middle Bollinger band from above, and depending on whether it breaks or bounces, it will show the further bias more clearly. Both scenarios are equally possible, I won’t try to guess, so I’ll wait for the result of the test. But within the framework of my “wish list” I’m leaning toward a breakout and a move to the north.