FX.co ★ sabrina.fay | USD/ZAR

USD/ZAR. Good afternoon. The dollar/rand finished the past week with a bullish candle, but its body is small, which indicates some uncertainty regarding the direction of further movement. At the same time the pair remained in the bearish zone of the Bollinger band on the weekly timeframe chart, so there is a possibility to see a continuation of the move to the south. However, there is currently nothing to base opening short positions on technically. On the hourly chart the indicators remain in favor of further movement to the south, but a sell signal here was not activated. At the same time the pair closed right at the activation point, so if the bears are more active on Monday, one could consider opening short positions with an approximate target of 16.050-100 in the short term. On the 4-hour chart the indicators still look to the north, but at close the pair approached a test of the Bollinger middle from above and even climbed into the bearish zone of the band. If it shows consolidation here, we will see movement to the south also in the medium term.