USD/ZAR has recently completed the Rising Wedge chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 3 bar level as a result of the low Initial Trend and Clarity (both rated at the 2 bar level) and above average Uniformity (6 bars). This chart pattern develops in accordance with the longer-term downtrend visible on the daily and the weekly USD/ZAR charts. Both of the connecting points of the upper resistance trendline of this Rising Wedge (points A and B on the chart below) formed when the pair failed to break up above the strong resistance area lying between the round price level 8.5000 and the 38,2% Fibonacci Retracement of the longer-term preceding downward price impulse (as is shown on the second chart below). The pair is expected to continue downward movement toward the price Forecast Area set between price levels 7.4607 and 7.8146.
The daily USD/ZAR chart below highlights the aforementioned technical price levels: