Currency pair US Dollar to South African Rand USD/ZAR continues to move as part of a strong fall and a bullish channel. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the pair. At the time of publication of the forecast, the exchange rate of the US Dollar to the South African Rand is 17.70. At the moment, we should expect an attempt to fall and a test of the support level near the 17.75 area. Further, the continuation of the growth of the pair to the area above the level of 19.45.
South African Rand Forecast October 27, 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 17.25 area. This will indicate a breakdown of the support area and a continued decline in quotes to the area below the level of 15.25. It is worth waiting for 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 18.55, while this level can be held back from the breakout of buyers.
South African Rand Forecast October 27, 2022 suggests an attempt to test the support area near the level of 17.75. Further, continued growth in the area above the level of 19.45. 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 17.25. Such a scenario will indicate the fall of the pair to the level of 15.25.
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