USD/ZAR continues to fall after completing the highly Uniform Descending Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 5 bar level, reflecting the average Initial Trend (rated at the 5 bar level), substantial Uniformity (8 bars) and lower Clarity (2 bars). This chart pattern continues the predominant downtrend that can be seen on the daily and the weekly USD/ZAR charts. All of the three connecting points of the lower support trendline of this chart pattern (points C, D and E on the chart below) formed when the pair reversed up from the strong support at 7.7800. The pair has recently broken through the lower support trendline of this Descending Triangle (and the aforementioned support at 7.7800) and is expected to fall further in the direction of the Forecast Area located between the price levels 7.4189 and 7.6359.
As can be seen from the following PowerStats chart, most of the daily Expected Price Range for USD/ZAR for tomorrow (from 7.8237 to 7.6085) stands below the lower support trendline of this Descending Triangle, which increases the probability that this currency pair continue to decline tomorrow.
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Daily Forex Update: USD/ZAR
Published 10/28/2011, 08:11 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/ZAR
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