Dukascopy Bank Team
Dukascopy Bank SA
ZAR/JPY 4H Chart: Ascending channel in sight
The ZAR/JPY exchange rate has been trading upwards within an ascending channel since the beginning of August.
From a theoretical perspective, it is likely that the currency pair could continue to extend gains within the given channel in the nearest future. Note that the pair could face the resistance level—the Fibo 23.60% at 6.48.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could decline below the monthly S1 at 6.02.
USD/ZAR 4H Chart: Short-term decline expected
Since the beginning of August, the USD/ZAR currency pair has been trading downwards, guided by a descending trend line.
Given that the exchange rate is pressured by the 55-, 100-and 200-hour moving averages, it is likely that some downside potential could prevail in the market. In this case the rate could gain support from the Fibo 38.20% at 16.25.
If the given support level holds, it is likely that a reversal north could occur, and the currency pair could re-test the Fibo 23.60% at 17.37. Otherwise, it is likely that the pair could target the Fibo 50.00% at 15.34.
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.
Recommended Content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.