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USD/ZAR Price Analysis: Depressed below 17.50 inside three-week-old falling channel

1 month ago   |   By FXCM

USD/ZAR takes a U-turn from 17.67 to portray the latest weakness.
A descending trend line from April 30 could offer immediate support.
18.00 round-figure could lure the bulls after breaking the channel.
USD/ZAR drops to 17.40 amid the early Tuesday's Asian session. In doing so, the quote pulls back from the short-term falling channel's resistance line.
With that in the backdrop, sellers are aiming for a five-week-old support line, at 17.16 now. However, the pair's further downside is likely to be capped by the channel's support line, currently around 16.80.
It should also be noted that...
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