. Forex Market - USDZAR Technical Analysis - 05 October 2022

Forex Market – USDZAR Technical Analysis – 05 October 2022

Forex Market – USDZAR Technical Analysis – 05 October 2022

05 Oct 2022

USDZAR Technical Analysis: Weekly Chart

In the weekly charts, USDZAR is trading in an up channel. USDZAR is currently trading above all SMA except MA (5).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 17.50000 the resistance level is at 17.7593

USDZAR will trade in an up channel until there is a trend reversal.

USDZAR Technical Analysis: Daily Chart

In the daily charts, USDZAR is trading in an up channel. USDZAR is currently trading above all SMA except MA (5).

RSI is in the neutral zone which indicates neutralness. MACD is currently above zero which indicates bullishness.

Its immediate support is 17.63000 the resistance level is at 16.7593

USDZAR was traded in a down channel before there is an upside breakout.  

How to Trade USDZAR this Week:

USDZAR will follow the uptrend until its trend reversal. So, remain bullish on USDZAR

TRADE SUGGESTION- BUY AT 17.66240, TAKE PROFIT AT 16.7593 AND STOP LOSS AT 16.60000.