$USDZAR. Looks like the Rand is about to drop further.

The peak from 2015 was 17.31 and it was followed by retraction to 0.5 fib level of 11.42291(the dashed blue line). Now we experience another surge at $USD power and this could lead to another uptrend move. The weak channel formed is about to break upwards and this cold end in 17.31xx again.

However, if you notice the next level as per fibo extension is way above 17.31 and reaches 24.55637(1.618). As a firm believer in fibo levels I expect this to happens. The time frame could be around next 5 - 6 years, but considering some fundamentals it might be less.

This analysis is only for education. Please do your research and use SL or Hedging.