FX.co ★ USD/ZAR

USD/ZAR. Good day. The Dollar/Rand yesterday continued its attempts to test the resistance zone, but not very successfully so far. At the same time, the bears are persistent, actively testing this zone. Technically, on the hourly chart, the indicators remain poised for further movement to the upside, but the buy signal is not yet activated here; a breakthrough of the same resistance zone is needed for activation. In the event of a favorable outcome for the bulls, there is a possibility of opening long positions with the next target at 17.350 in the local perspective. At the moment, I consider this scenario to be more prioritized for myself. Moreover, on the 4-hour chart, the probability of this scenario unfolding is also confirmed. Here, the indicators continue to point north, but the buy signal is not yet activated here either; a breakthrough of the same resistance zone is needed for activation. So, for now, I am just observing the potential for growth.