28.09.202314:10 Forex Analysis & Reviews: USD/ZAR: downside reversal

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/ZAR 19.116 Key Obstacle!

The currency pair increased within an up channel formation. It has climbed as much as 19.245 and now it has turned to the downside, dropping also below the uptrend line. Technically, the uptrend line represented a downside obstacle.

Dropping below it signaled that the uptrend could be over and that we may have a reversal. Still, it's premature to talk about something like this as long as it stays above the former low of 19.116 (downside obstacle).

USD/ZAR Trading Conclusion!

Dropping and closing below 19.116 may announce more declines. This scenario could help the sellers to catch a larger drop.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.