The price line on USDZAR price chart, has broken below the long term bullish channel. A retest has been made to the bottom line of the channel but the ascending power could not overcome this resistance level and now, some bearish signals are visible on the chart. Sellers can keep an eye on the shorter time frames to detect any descending triggers, then they can enter short positions heading to the support levels below.
• The first major resistance level is at $18.23790, followed by other resistance levels, located at 18.57000 and 19.00000.
• There is support at 17.80000; below, there is 17.60000 and 17.20000
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.
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