USD/ZAR may fall to 17.1960 - 17.5130

18.6560 is our pivot point.

Our preference

The downside prevails as long as 18.6560 is resistance.

Alternative scenario

The upside breakout of 18.6560, would call for 19.1920 and 19.5110.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.5120 and 18.7190).

Supports and resistances

19.5110 **

19.1920 *

18.6560 **

18.4460

18.1763 last

17.5130

17.1960 **

16.8780 *

16.5610 **

Number of asterisks represents the strength of support and resistance levels.