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.
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.
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