ZAR is Expected to Continue Recent Upward Correction vs. USD
March 9th, 2010 Posted in Technical Analysis
The USD/ZAR pair has been in a downward trend throughout the past week, dropping from 7.8187 to as low as 7.3670. Yesterday, however, saw the beginning of an upward correction, a trend that is expected to continue.
Below is the 8 hour chart for the pair.
1. The Slow Stochastic chart is exhibiting a fresh bullish cross, signaling that an upward movement is expected.
2. The RSI of the pair is currently floating in the oversold territory, suggesting upward pressure.
3. The MACD is exhibiting an impending bullish cross, signaling a possible imminent upward movement.
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Tags: USD/ZAR, USD/ZAR forecast
