USD/ZAR may fall to 16.7230 - 17.1960

18.9070 is our pivot point.

Our preference

The downside prevails as long as 18.9070 is resistance.

Alternative scenario

The upside breakout of 18.9070, would call for 19.7080 and 20.1840.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.2190 and 18.4420).

Supports and resistances

20.1840 **

19.7080 *

18.9070 **

18.5930

18.1600 last

17.1960

16.7230 **

16.2500 *

15.7770 **

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