FX.co ★ USD/ZAR

In this trading instrument, a bearish sentiment is observed in the market. The USDZAR pair is in a downtrend. The price is trading below the Ichimoku cloud, indicating a bearish momentum. The downward Stochastic is also in favor of sales. During today's trading session, the pair broke through the first support level and continued moving south, managing to establish below the reversal level. The bears continued the decline and are currently trading at a price of 16.733. The intraday targets for the decline are the classic Pivot support levels. I anticipate that the decline will continue from current levels, and a breakthrough of the first support level at 16.633 will lead to a new wave of decline for the pair and further movement south below the support line around 16.452. However, if buyers return to the market, their target on the current chart segment will be the resistance level at 17.057.