FX.co ★ USD/ZAR

Hello traders. USD/ZAR. Yesterday, the Dollar/Rand continued to slowly move south, although it's not fair to say that the bearish sentiment has regained full strength. Overall, the current decline appears to be a local correction to the previous uptrend, so I continue to lean more towards the north. However, to open new long positions, it is advisable to wait for a more complete confirmation from the technical analysis. For now, on the hourly chart, the indicators continue to point south, but the sell signal has not been activated yet, and the pair remains actively testing the middle Bollinger Band from below. It can't break through, but I don't see any strong rejection either. The lower indicators have also stopped supporting the bearish sentiment, giving bulls a chance. On the 4-hour chart, the indicators have already canceled the buy signal, showing a sell signal, but it has not been activated yet. Within the correction, the pair entered the bearish zone of the Bollinger Band channel, but it's too early to talk about a solid confirmation here. So, I am considering a move to the north, at least in the short-term perspective, with the nearest target at 16.100. However, I reiterate, I will wait for confirmation before opening any long positions.