USD/ZAR may fall 993 - 1403 pips

Our pivot point stands at 17.8940.

Our preference

The downside prevails as long as 17.8940 is resistance.

Alternative scenario

The upside breakout of 17.8940, would call for 17.9630 and 18.0040.

Comment

The RSI is below its neutrality area at 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 17.8620 and 17.9080).

Supports and resistances

18.0040 **

17.9630 *

17.8940 **

17.8670

17.8353 last

17.7360

17.6950 **

17.6540 *

17.6130 **

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