With the new low it can potentially be counted as the end to a 5th of 5th wave to complete an impulse wave from the Nov 2017 highs. There is a measured move target just below around 11.45, that may be tested before wave 5 is completed. To suggest a low is in place, it needs a strong move back above 11.77. Short term staying below 11.77 keeps it pointing lower.

Whilst I dont follow USDZAR on a daily basis I like to track a number of US$ pairs and look for clues and an edge when counting the DXY, you can see there is a decent correlation between the DXY and USDZAR from the Nov 2017 highs. I am working the same impulse wave idea (5 wave decline) on the DXY from the Nov 2017 highs

Once we can suggest the move from the Nov 2017 lows has completed an impulse wave then I think we can reasonably expect a decent retracement to correct some of the decline, a move towards 12.60 – 13.00 or higher I think is a good target.