👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Daily Forex Update: USD/ZAR

Published 10/25/2011, 06:20 AM
Updated 03/09/2019, 08:30 AM
USD/ZAR
-
GUID
-

USD/ZAR continues to decline inside the high Clarity Descending Triangle chart pattern identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 6 bar level which reflects the following values of the contributing Quality indicators: average Initial Trend (measured at the 5 bar level), higher Uniformity (6 bars) and near maximum Clarity (8 bars). This chart pattern continues the prevailing downtrend that can be seen on the daily and the weekly USD/ZAR charts. The two of the connecting points of the upper resistance trendline of this Descending Triangle (points A and B on the charts below) formed when the pair failed to break above the resistance at 8.2000. USD/ZAR is expected to fall further in the nearest time, which is also indicated by the PowerStats analysis shown on the second chart below.



As you can see from the following PowerStats chart, all of the daily Expected Price Range (EPR) for USD/ZAR for tomorrow (from 8.0036 to 7.7417) lies below the upper resistance trendline of this Descending Triangle, while the lower boundary of EPR (7.7417) stands below the lower support trendline. Both of these facts increase the chances that the pair will continue to fall tomorrow.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.