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arracofx

$USDZAR Daily - Dollar bulls still have the ball (for now)

U.S. Dollar / South African Rand (FX:USDZAR)  
arracofx  
FX:USDZAR   U.S. Dollar / South African Rand
Chart Patterns USDZAR USD ZAR RAND dollar DXY fx deliverablefx currency
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chartpattern usdzar usd zar rand dollar dxy fx deliverablefx currency
A chart that many South Africans will be watching with interest. The confirmed break of the inverse H&S in November set up a full target of 17.00. The pair quickly tested 16.30 before consolidating within an asymmetrical triangle. Consolidations are healthy, and will allow USD to gather some steam before next surge higher. However, currently, USDZAR is testing triple support, namely: H&S neckline, bottom triangle as well as 200 SMA. Should these support levels break, and we get a sustained move below 14.90 - this invalids the prior bullish USD patterns. Next support levels will come in at 14.40, 14.10 and 13.40 respectively. On the other hand, a break above 15.40 confirms the asymmetrical triangle targeting 16.30.
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