USD/ZAR formed a series of lower peaks and troughs and subsequently breached a multi-month ascending trend line. It recently gave up the 200-DMA resulting in an extended correction. The pair has approached projections of 17.40/17.35. 

Daily MACD is within deep negative territory denoting an overstretched down move. A bounce can’t be ruled out however the MA near 18.02/18.15 is expected to provide resistance.  

Holding below the 200-DMA, there would be risk of a deeper downtrend. Below 17.35, next potential objectives could be at 16.93 and January low of 16.70.