USD/ZAR continues to rise after the recent completion of the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is rated at the 5 bar level as a result of the sharp Initial Trend (measured at the 9 bar level), significant Uniformity (7 bars) and above-average Clarity (6 bars). The completion of this Triangle continues the preceding sharp upward price impulse (its strength is reflected by the high Initial Trend value). The pair is expected to rise further toward the Forecast price 8.6062, as can also be seen from the next Key Levels chart below.
As you can see from the following Key Levels chart, Autochartist has also recently identified the extended horizontal Key Resistance Level 8.5506 (of the type Approach) on the daily USD/ZAR charts. The length of this Key Level is equal to 234 candles. The pair is expected to rise toward this Key Level in the nearest time. The fact that this Key Resistance (8.5506) stands close to the Forecast Price calculated for the above Triangle (8.6062) adds to the probability that the currency pair will continue to rise in the nearest time.
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Daily Forex Update: USD/ZAR
Published 10/05/2012, 06:42 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: USD/ZAR
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