USD/ZAR may fall 911 - 1321 pips

Our pivot point is at 17.8790.

Our preference

The downside prevails as long as 17.8790 is resistance.

Alternative scenario

The upside breakout of 17.8790, would call for 17.9470 and 17.9880.

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 stands below its 20 and 50 period moving average (respectively at 17.8470 and 17.8910).

Supports and resistances

17.9880 **

17.9470 *

17.8790 **

17.8520

17.8161 last

17.7250

17.6840 **

17.6430 *

17.6020 **

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