FX.co ★ sabrina.fay | USD/ZAR

USD/ZAR. Good afternoon. The Dollar/Rand yesterday made a decent attempt to develop a bullish mood, but the bears entered the game and again began to seize the initiative into their own hands. At the same time, the pair is now testing the support zone drawn by the previous local lows, so there is a chance to see a rebound and a move to the north. On the hourly chart, the indicators have drawn a new sell signal, but here it has not been activated. And at the same time, the Bollinger channel is expanding, which indicates the likelihood of the current downward impulse developing. However, the lower-window indicators have drawn bullish divergences with a hint of a reversal. In addition, a possible double bottom is emerging on the chart with an approximate target of 16.200-250 in the short term. So there is a chance to see a move to the north, but to open long positions here it is advisable to wait for more complete confirmation from the technical side. On the 4-hour chart, the indicators are also looking south, but the new sell signal here is also not activated. At the same time, here too one of the lower-window indicators does not support the development of the southern mood, although it does not cancel it either. Therefore, I am only looking at local growth.