FX.co ★ USD/ZAR

USD/ZAR. Good day. The Dollar/Rand pair yesterday failed to develop a bullish sentiment, moving southward within a correction. However, it tested the support zone and couldn't break through it immediately. Therefore, I continue to lean towards the north, but opening long positions here requires waiting for further confirmation from the technical aspect. On the hourly chart, indicators currently still point south, but a sell signal has not been triggered yet, and the pair keeps testing the middle Bollinger Band from below. Depending on a breakout or bounce, the next direction will be more accurately revealed. One of the lagging indicators hints at a breakout and upward movement, but in any case, it's advisable to await the test results. In the event of a favorable outcome for the bulls, there is a possibility to open long positions with an approximate target of 18.450-500. On the 4-hour chart, indicators remain bullish for further growth, as the pair tested the upper Bollinger Band within the correction and seems to be bouncing back. If the bounce is confirmed, we will see an upward movement in the medium term perspective.