- USD/ZAR dropped sharply in today's trade after hitting monthly highs (12.58) yesterday.
- Momentum looks bearish with daily Stochs poised to cross bear side from a high point
- Pair could extend falls, major support seen at 12.42 61.8 % Fibo of 12.64-12.05 fall and Jul 8 lows. Recommend waiting for buy triggers for entry.
Resistance levels:
R1: 12.5850 (Session High Jul 9)
R2: 12.6375 (Daily High Jun 8)
R3: 12.6600 (Daily High Jun 5)
Support Levels:
S1: 12.42 (61.8 % Fibo of 12.64-12.05 fall)
S2: 12.3452 (50 % Fibo of 12.64-12.05 fall)
S3: 12.3345 (10-Day MA)
