USDZAR Descending Triangle

USDZAR has come under increased pressure as the ZAR bulls dominated recent market action. Technically speaking, USDZAR has seen a clear break below the 200 day SMA, the support level provided by a descending triangle pattern (14.50) and is now currently trading below a level of USDZAR support seen since Feb 2019. A decisive close below could see the ZAR rally in thin market conditions.