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FxWirePro-Major European Indices 
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FxWirePro: USD/ZAR bears maintain upper hand 
Ever since USDCAD has shown failure swings at 1.3793 levels, the prices have tumbled below EMAs. That’s where the three-black crows candle pattern is traced out (see monthly charts).
Prior to this corrective mode of the major trend, the shootings star began evidencing 1st corrective swings from the highs of 1.4689 to the lows of 1.2461 levels, now the formation of 3-black crows pattern breaches below channel support & 38.2% Fibonacci retracement levels which are again 2nd phase corrective swigs.
These bearish patterns have already brought in bearish streaks in the recent past, heading southwards for next strong supports at 1.2467 levels, upon breach below this level, it is most likely to drag southward targets upto 1.2048 (i.e. 50% Fibonacci levels).
Bears plummet prices constantly below 7DMA and managed to break strong supports of 1.2765 and 1.2655 levels, currently hovering at 7DMAs.
Momentum study: Bearish momentum is intensified in the tight range of 1.2567 and 1.2509 levels.
Both leading oscillators signal selling interests, as RSI (14) evidences a bearish convergence with the declining prices below oversold levels, same has been the case on monthly terms, so we believe there has been clear selling sentiment for the day and definitely no momentum for bull swings at least in the medium run.
While stochastic has also been signaling momentum in this selling interests both in daily as well as monthly terms.
To substantiate these bearish stances, MACD on both time frames indicates downswings to prolong further.
Trade tips:
Well, contemplating above technical reasoning, on speculative grounds we advise tunnel spreads which are binary versions of the debit put spreads favoring bearish indications.
This strategy is likely to fetch leveraged yields than spot FX and certain yields keeping upper strikes at 1.2576 levels and lower strikes 1.2484 at levels.
Currency Strength Index: FxWirePro's hourly USD spot index has turned into -60 (which is bearish), while hourly CAD spot index was at a tad below -76 (very bearish) at 09:35 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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