USD/ZAR may fall 915 - 1325 pips

Our pivot point stands at 17.9570.

Our preference

The downside prevails as long as 17.9570 is resistance.

Alternative scenario

The upside breakout of 17.9570, would call for 18.0260 and 18.0670.

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 17.9170 and 17.9620).

Supports and resistances

18.0670 **

18.0260 *

17.9570 **

17.9290

17.8865 last

17.7950

17.7540 **

17.7130 *

17.6720 **

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