Dukascopy Bank Team
Dukascopy Bank SA
USD/TRY 1H Chart: Channel Up
Comment: USD/TRY appears to have ended its downward correction at 2.44, as the pair is currently forming a bullish channel. If the momentum stays intact, the US Dollar should soon re-test key resistance represented by the mid-February high at 2.5150.
However, a short-term bias is to the downside, as the price is poised for a decline from the upper boundary of the pattern. The sell-off is expected to extend through the weekly pivot points down to 2.46, where the pair will meet support created by the support trend-line and 200-hour SMA. There the currency pair will be in a good position to start a recovery to 2.5150.
USD/ZAR 1H Chart: Channel Down
Comment: Being unable to gain a foothold above 11.74, USD/ZAR began trading between two parallel bearish lines. This implies that the US Dollar is going to keep underperforming as long as the resistance trend-line is not breached. The base case scenario is a bounce off 11.4650 and a subsequent close beneath 11.4330. The next significant demand area will then be at 11.35, followed by the February low at 11.2630.
At the same time, if 11.4650 fails to keep the bulls at bay, the first notable supply zone will be between 11.5460 and 11.5200, while the weekly pivot point merges with the long-term SMA at 11.6450/11.6180.
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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