Currency Pair USD/ZAR US Dollar South African Rand is trading at 13.90. The pair is trading below the lower limit of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend in the US dollar South African rand pair. The test area of the signal lines Ichimoku Kinko Hyo is expected near the level of 14.05. Where should we expect an attempt to rebound and continue the fall of the pair with a goal near the level of 13.55.
South African Rand forecast USD/ZAR November 23, 2018
An additional signal in favor of reducing the pair will be a test of the resistance level. As well as a rebound from the upper boundary of the descending channel. Earlier, a medium strength signal was received for SELL the USD/ZAR, due to the intersection of signal lines at 14.35.
Cancellation of the option of falling quotes of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 14.25 area. This will indicate a change in the downward trend in favor of the upward trend and continued growth. Expect to accelerate the fall of the USD/ZAR quotes with the breakdown of the support area and closing below 13.75.
South African Rand forecast USD/ZAR November 23, 2018 involves an attempt to test the level of resistance near the area of 14.05. Where can we expect a rebound and the continuation of the fall of the currency pair with a potential target near the level of 13.55. Cancellation of the option of falling quotations will make a strong growth and the breakdown of the 14.25 area. This will indicate the continuation of the upward trend.