USD/ZAR has recently completed the Head and Shoulders chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level which corresponds to the strong Initial Trend (measured at the 8 bar level), significant Uniformity (7 bars) and above average Clarity (6 bars). The completion of this chart pattern reversed the previous short-term correction to the preceding strong daily downward price impulse (developing in line with the overriding downtrend visible on the daily and the weekly USD/ZAR charts) from the major level of resistance 8.5000. The pair has recently broken down through the lower support trendline of this chart pattern (acting as its “neckline”) and is expected to decline further in the direction of the Forecast Price 7.5301.
As can be seen from the following hourly USD/ZAR Key Levels chart, Autochartist has also recently identified the Approach Horizontal Support level 7.5337, that stands very close to the Forecast Price of the above Head and Shoulders chart pattern (7.5301) – which increases the probability that this currency pair will fall further in the nearest time.
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Daily Forex Update: USD/ZAR
Published 02/27/2012, 04:18 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/ZAR
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