FX.co ★ sabrina.fay | USD/ZAR

USDZAR. Good day. The Dollar/Rand pair had a nice move to the upside yesterday, and today it has already managed to update the local high. At the moment, in the medium-term perspective, I continue to look upwards, but locally I expect a decrease within a correction. On the hourly chart, the indicators currently support further upward movement, but at the same time, the lower indicators have stopped supporting the bullish sentiment, and a double top has formed on the chart. So, within the day, I expect to see a move to the south towards the target of 18.580-18.620, and after that, I will consider opening new long positions. On the 4-hour chart, the indicators also fully support the continuation of the move to the north, but here the Bollinger Band has already shifted hinting at the end of the upward impulse and the beginning of a pullback to test its upper middle. The targets on the charts of both timeframes roughly coincide, so this scenario is quite probable.