USD/ZAR may fall 1162 - 1562 pips

Our pivot point stands at 17.8540.

Our preference

The downside prevails as long as 17.8540 is resistance.

Alternative scenario

Above 17.8540, look for 17.9230 and 17.9640.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.8160 and 17.8570).

Supports and resistances

17.9640 **

17.9230 *

17.8540 **

17.8270

17.7932 last

17.6770

17.6370 **

17.5960 *

17.5550 **

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