USDZAR approaching resistance, potential drop!

10 בדצמ׳ 2018

USDZAR is approaching our first resistance at 6.8172 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.600 (horizontal swing low support, 100% Fibonacci extension).
Stochastic (34,5,3) is also approaching our resistance and we might see a corresponding drop in price should it react off this level.