Currency pair US Dollar to South African Rand USD/ZAR continues to move as part of the growth and the bullish channel. The potential for the formation of the “Triangle” model remains, as a rule, buyers break through this model upwards. At the time of publication of the forecast, the exchange rate of the US Dollar to the South African Rand is 18.42. At the moment, we should expect an attempt to fall and a test of the support level near the area of 18.10. Further, the continuation of the growth of the pair to the area above the level of 19.40South African Rand Forecast October 26, 2022
South African Rand Forecast October 26, 2022
An additional signal in favor of the growth of the South African Rand quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the USD/ZAR growth option on Forex will be a fall and a breakdown of the 17.65 area. This will indicate a breakdown of the support area and a continued decline in quotes to the area below the level of 15.65. Expect confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/ZAR pair above the level of 18.75, which will indicate the breakdown of the upper border of the “Triangle” model and the beginning of the pattern with targets at the top.
South African Rand Forecast October 26, 2022 suggests an attempt to test the support area near the level of 18.10. Further, continued growth in the area above the level of 19.40. An additional signal in favor of the growth of the pair on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the US Dollar against the South African Rand will be a fall and a breakdown of the level of 17.65. Such a scenario will indicate the fall of the pair to the level of 15.65.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
