USDZAR is trading impulsively bearish. Looking at the daily chart, we can see price now breaking even the channel support line which means that there can be room for more weakness towards 13.00 strong support area.
USDZAR, Daily
Now switching to the intraday chart, we can clearly see price unfolding five waves down from the highs, so lastest recovery can be only part of a three-wave setback, where ideal resistance would be around 14.50 area, and from where we may see a bearish continuation, however price must stay beneath 14.62 invalidation level.
USDZAR, 1h
