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

• 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 17.00 might provide a buffer during the quote’s fall below 17.16.

On the upside, a clear break above the channel’s resistance line of 17.54 could trigger the fresh rise towards April 09 low near 17.85.

Though, 18.00 round-figure, also comprising April 30 low, could challenge the buyers past-17.85.

USD/ZAR four-hour chart

Trend: Bearish