Autochartist recently identified the horizontal Key Resistance Level 8.8567 (type Approach) on the 4-hour USD/ZAR charts. The Significance of this Key Level is rated at the 3 bar level as a result of the three recent price reversals from this resistance.
The price had earlier reversed up from the strong support zone made out of the former resistance level 8.5500 (acting as support now after having been broken at the start of this month) standing close to the 50% Fibonacci Retracement of the preceding sharp upward price impulse from last month which broke the aforementioned resistance level 8.5500 (as is shown on the second chart below). The pair is expected to rise further toward the Forecast Price 8.8567 – in accordance with the medium-term uptrend that can be seen on the daily USD/ZAR charts.
The daily USD/ZAR chart below shows the technical price levels mentioned above:
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USD/ZAR At Key Resistance 8.8567
Published 10/24/2012, 05:11 AM
Updated 03/09/2019, 08:30 AM
USD/ZAR At Key Resistance 8.8567
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