USD/ZAR 1H Chart: Descending between Fibonacci lines
The US Dollar continues to lose ground against the South African rand in a large scale descending channel pattern. However, not the pattern, but other aspects are to be noted more importantly.
Namely, the fact that the currency exchange rate is respecting the support and resistance of the various Fibonacci retracement levels that can be charted on the currency exchange rate. Moreover, various pivot points play important roles on the chart.
Regarding the near term future, whether a surge or decline starts is dependent on whether the 13.31 gets passed to the downside or the upside.
Namely, the fact that the currency exchange rate is respecting the support and resistance of the various Fibonacci retracement levels that can be charted on the currency exchange rate. Moreover, various pivot points play important roles on the chart.
Regarding the near term future, whether a surge or decline starts is dependent on whether the 13.31 gets passed to the downside or the upside.