USDZAR upward momentum may be picking up

Russell Shor, CFTe, MFTA FXCM

The above chart shows 4H price action. The USDZAR is above its 200-period SMA and the EMA is positively sloped. This is a proxy for trend direction and, in this case, is up. The RSI(9) has also crossed above 40 (green ellipse). This may be an indication that upwards momentum is picking up. Finally, there is a strong bullish hammer (2nd last candle) that indicates bullish interest.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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