A Doji candle Friday and potential hanging man candle Monday suggest USD/ZAR could head lower.
A cloud twist on the horizon at 13.1375 value Aug 14 adds to the bearish argument. Fibo retrace levels off the 12.86 July 27 low and 13.4875 Aug 4 high present bear targets with 13.1738 50% pullback point just ahead of the daily cloud top at 13.1375.
The 200-DMA at 13.3595 Monday presents the main hurdle to a price reversal and a bounce off the line could trigger a run back to the 30-DMA upper Bollinger line, currently at 13.5620.
The weekly chart shows price stalling ahead of the 13.5181 55-WMA and 13.6250 high from mid-July. Those looking for a deeper pullback can target the base of the weekly range at 12.86.
