USD/ZAR at the top of the channel

USD/ZAR, getting ready for the next sharp move

the price has been moving in an ascending channel and after several reactions to the top and base line of the channel, the price is once more reacting to the top line. This time a resistance level is below the price and the possibility of another ascending leg is high.

            Chart Notes: 

           • Chart time-zone is UTC (+03:00)

           • Candles’ time-frame is 4h.


the price started a descend after reaching to 16.375 which would be level 0.5 of the Fibonacci retracement and then the price started descending. The bearish power could not dump the price any further than the support level on 15.75 – 15.7856. At the moment the price is on 15.84 just above the support level. A dynamic strong support level is also below the price line, in red color. The price is moving below a dynamic resistance as well. The overall look of the chart is bullish. buyers can be waiting for the price line to break above the resistance level and they can enter on the retest of the level. The target for the ascending wave could be considered 16.377 and the next possible target could be 17

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.