Dangerous levels on the ZAR

Will be monitoring the R17.50/USD on the Rand very closely. A break and close out of the parallel channel (above R17.65), could very much see the ZAR back at R18.30 - R18.35.

All the EMA's are now pointing north, which got me worried about the short-term trend for now.

I still believe that the ZAR could improve from its current levels, but will wait for another break and close below R16.50.