On January 12, 2023, the price line on the USD/ZAR price chart began to rise. A bullish channel served as the foundation for the trend. The price line eventually crossed above this channel on February 6th, however it appears that this uptrend won’t hold for very long. Right now, the price line is displaying 17.49791, which is barely below the top line of the bullish channel. Although MACD is currently approaching a resistance level, it is still displaying a strong positive trend. As can be seen on the chart, the price line has just broken above the bullish channel, which is denoted with a light red tint. A bearish wave appears to be about to break, and RSI is getting near to the overbuying level. Additionally, supporting the bearish potential is the candle pattern.

• There is a resistance level at 17.60000 followed by resistance at 17.71000 and 17.80000
• There is a support level at 17.35000. Below, there is 17.22588 and 17.00000. 

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.