USD/ZAR may fall to 17.2980 - 17.5870

Our pivot point stands at 18.6460.

Our preference

Under pressure below 18.6460.

Alternative scenario

Above 18.6460, look for 19.1340 and 19.4250.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.3150 and 18.3050).

Supports and resistances

19.4250 **

19.1340 *

18.6460 **

18.4550

18.2043 last

17.5870

17.2980 **

17.0090 *

16.7210 **

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