The currency pair of the US Dollar vs South African Rand USD/ZAR continues to move in the framework of the decline. At the time of the publication of the forecast, the rate of the US Dollar to the South African Rand is 13.99. At the moment, we should expect an attempt to test the lower boundary of the channel near the area of 14.20 and continue to reduce the pair to the area below the level of 13.50.
USD/ZAR forecast South African Rand November 9, 2018
The South African Rand will test the trend line on the relative strength index (RSI), as well as a rebound from the lower boundary of the «Triangle» model, in favor of the fall in quotes. Cancellation of the option of falling USD/ZAR at Forex will be a strong growth and a breakdown of the 14.35 area, which will indicate a breakdown of the lower boundary of the Triangle model and the continued growth of quotations in the area above the level of 14.70. Waiting for confirmation that the pair is falling is with the breakdown of the support area and closing of the USD/ZAR quotes below the level of 13.85.
USD/ZAR forecast South African Rand November 9, 2018 suggests an attempt to test the resistance area near the level of 14.20 and continue to decline to the area below the level of 13.50, an additional signal in favor of the pair falling on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation option for the fall of the US Dollar against the South African Rand will be strong growth and the breakdown level of 14.35.