Daily Forex Update: EUR/ZAR
AutoChartist | Apr 26, 2012 05:20AM ET
EUR/ZAR continues to fall inside the Uniform Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 5 bar level as a result of the low Initial Trend (rated at the one bar level), near maximum Uniformity (8 bars) and above-average Clarity (6 bars). This chart pattern continues the overriding multi-year downtrend visible on the daily and the weekly EUR/ZAR charts. More specifically, this Triangle follows the preceding sharp weekly downward price impulse from the major resistance at 11.50, standing close to the 38,2% Fibonacci Retracement of the previous long-term downward price-move from the October of 2008. The top of this chart pattern (point A on the chart below) formed when the pair reversed down from the 38.2% Fibonacci Correction of the aforementioned preceding weekly downward price impulse from 11.50. The pair is expected to fall further in the nearest time.
The following weekly EUR/ZAR chart shows the longer-term picture of this currency pair’s movement:
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.