Patterns: XAG/USD, USD/ZAR
|XAG/USD 1H Chart: Rising wedge pattern in sight
Silver has been appreciating against the US Dollar since the beginning of June within a rising wedge pattern.
From a theoretical point of view, it is likely that a breakout south could occur within the following trading sessions. In this case the XAG/USD exchange rate could gain support from the Fibo 50.00% and the monthly S1 at 17.35.
Meanwhile, note that the rate could gain support from the 55-, 100– and 200-hour SMAs in the 18.15 area. Thus, the price for silver could continue to go upwards. Note that the rate could face the resistance from the monthly R1 and R2, located at 18.84 and 19.59 respectively.
USD/ZAR 1H Chart: Descending triangle in sight
The USD/ZAR currency pair has been trading within a descending triangle pattern since the middle of June.
From a theoretical perspective, it is likely that the exchange rate could breach the given pattern south within the following trading sessions. Note that the rate could face the support level formed by the Fibo 38.20% at 16.25.
On the other hand, it is likely that the currency pair could gain support from the 55– and 100-hour SMAs. Thus, some upside potential could prevail in the market. In this case the pair could target the psychological level at 19.20.
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