USD/ZAR may fall 854 - 1284 pips

Our pivot point is at 17.8720.

Our preference

Target 17.6700.

Alternative scenario

Above 17.8720, look for 17.9440 and 17.9860.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (17.8360) but above its 50 period moving average (17.7860).

Supports and resistances

17.9860 **

17.9440 *

17.8720 **

17.8440

17.7984 last

17.7130

17.6700 **

17.6280 *

17.5860 **

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