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USD/ZAR technicals and trade setup

FX:USDZAR   U.S. Dollar/South African Rand
94 0 3
USD/ZAR momentary bulls take support at 38.2% fibos but rejected at stiff resistance on shrinking momentum, no substantiation by leading oscillators :

In this write-up, we’ve emphasized more on long-term prospects of USDZAR             without disregarding short term trend as well.

This week’s trading sessions have hampered last two week’s price gains that have spiked above DMAs but restrained at the stiff resistance of 14.6729 levels.

Historically, if you’ve to see the pair began spiking after the formation of hammer pattern candle at 13.3505 levels but rejected exactly at 14.6729 levels.

Both leading indicators signal shrinking momentum, RSI trending below 50 levels that indicates previous buying interests are now fading away again (see weekly chart), while slow stochastic is also evidencing an attempt %D crossover near overbought territory which signals the losing bullish momentum.

Bulls take support near 38.2% fibos in the downtrend, we’ve seen the resultant effects of these indications in the current prices of this pair that has bounced above EMAs but for now, no confirmed signals from any other technical indicators.

Both leading and lagging indicators are in bears favor, the intermediate downtrend likely to prolong further after brief halt by bears.

In 2016, this hasn’t been favorable for USD against ZAR             so far, the major trend of this pair seems weaker ever since it has rejected the resistances of 15.8679 levels.

Since then, the bears kept capitalizing on rallies to evidence slumps more than 14.25%.

Hence, the short-term speculators can also bet in shorts of near month futures for maximum targets upto 13.7310 levels, thereby, please be noted that the maximum risk associated with this trade would be unlimited, you may have to maintain margins to initiate this trade.
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