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USD/ZAR Technical Analysis: ranging bearish near bullish reversal

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by , 09-07-2016 at 02:34 AM (986 Views)
      
   
Daily price was bounced from 14.7479 resistance to below for 13.9516 support level as a target: The price is located below 100 SMA/200 SMA in the bearish area of the chart within the following support/resistance levels:

  • 15.1978 resistance level located near and above 200 SMA in the beginning of the daily bullish trend to be started, and
  • 13.1963 support level located far below 100 SMA/200 SMA in the beginning of the bearish trend to be resumed.

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Thus, the most likely scenario for the price movement for September is the bearish ranging within the levels.

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