FX.co ★ sabrina.fay | USD/ZAR

USDZAR. Good day. The Dollar/Rand pair made a decent attempt to pull back yesterday, but has not yet reached my target - testing the resistance zone. Right now, the further intraday outlook is being determined. On the hourly chart, the indicators are still suggesting a continuation of the upward movement, but the pair is currently testing the middle Bollinger Band from above, and depending on a breakout or a bounce, it will show the further intraday sentiment. At the moment, I am leaning towards a scenario with a bounce and a rise towards the approximate target of 18.750-770, but in any case, I will wait for the test results. On the 4-hour chart, the indicators continue to point south, but the pair has also approached a test of the middle Bollinger Band, this time from below. Therefore, depending on a breakout or a bounce, it will show the further sentiment. However, I am currently expecting the following scenario to unfold: a false breakout to the upside, a test of the resistance zone, followed by a global decline. Nevertheless, I will base my decisions on the current situation.