Dukascopy Bank Team
Dukascopy Bank SA
USD/ZAR 4H Chart: Channel Down
Comment: We hold a strong negative bias towards USD/ZAR, as the currency pair has recently broken through the neck-line of the double top and formed a downward-sloping channel. The current rally is expected to stop developing at 13.3084 and give way for a new bearish wave. A close above this resistances will suggest a surge to 13.5721. However, the longer-term prospects are much less certain. The rate is approaching a support up-trend that connects troughs that appeared during the period between November 2014 and June 2015. At the same time, a half of the weekly technical indicators is sending ‘buy’ signals, and the US Dollar appears to be oversold, being that 74% of open positions are short.
XAU/USD 1H Chart: Channel Down
Comment: The price of gold has just dipped through the trend-line that had underpinned the rate since the beginning of Oct. Accordingly, we expect further depreciation of the metal. Bearish intentions of the bullion will be confirmed with a close beneath the 200-hour SMA, which is likely to be broken after a correction to 1,173, where the upper trend-line of the channel is reinforced by the daily and weekly PPs. If the recovery extends beyond the boundaries of the pattern, there are still notable supply areas at 1,178 (Oct 19 high) and at 1,184 (Oct 16 high). The SWFX sentiment, in the meantime, is neutral, as there is almost no difference between the longs (51%) and the shorts (49%).
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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