USD/ZAR may fall to 16.8170 - 17.1090

Our pivot point stands at 18.1870.

Our preference

The downside prevails as long as 18.1870 is resistance.

Alternative scenario

Above 18.1870, look for 18.6790 and 18.9720.

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 18.2190 and 18.2140).

Supports and resistances

18.9720 **

18.6790 *

18.1870 **

17.9940

17.7905 last

17.1090

16.8170 **

16.5260 *

16.2350 **

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