USD/ZAR recently broke the well-formed Pennant chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level reflecting the fact that all of the contributing Quality Indicators (Initial Trend, Uniformity and Clarity) are rated at the high 9 bar level.
The completion of this Pennant continues the medium-term uptrend that can be seen on the daily USD/ZAR charts. The high Initial Trend reflects the strength of the preceding upward price impulse, which serves as the “flagpole” of this Pennant. The pair is expected to rise further toward the Forecast Price 8.9498, which can also be seen from the Key Levels chart below.
As you can see from the Key Levels chart below, Autochartist has also recently indentified the horizontal Key Resistance Level 8.8385 (of the Type Approach) on the 4-hour USD/ZAR charts. The pair is expected to rise toward this Key Level in the nearest time. The fact that both of these patterns point toward further gains for this currency pair increases the probability that USD/ZAR will rise further tomorrow.
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USD/ZAR Breaks Well-Formed Pennant Chart Pattern
Published 11/05/2012, 02:16 AM
Updated 03/09/2019, 08:30 AM
USD/ZAR Breaks Well-Formed Pennant Chart Pattern
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