FX.co ★ sabrina.fay | USD/ZAR

Hello. USD/ZAR continued to slightly pull back towards the south yesterday, although the current movement still looks like a small local sideways trend. Technically, on the hourly chart, indicators remain bearish for further decline, but a sell signal intraday has not been activated yet, and the pair is trying to return to the bullish zone of the Bollinger Channel. If the bulls manage to establish themselves here, we can consider opening long positions with an approximate target of 16.550-600 in the short term. Moreover, one of the basement indicators has now moved into the upper zone, also suggesting this scenario. On the 4-hour chart, indicators continue to favor further movement to the north, so buying is a higher priority for me. Additionally, the pair tested the middle Bollinger from above and seems to be starting to bounce back. If the rebound is confirmed, we may see upward movement in the medium term.