USD/ZAR may fall 938 - 1358 pips

Our pivot point is at 17.8800.

Our preference

Under pressure below 17.8800.

Alternative scenario

The upside breakout of 17.8800, would call for 17.9510 and 17.9940.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.8500 and 17.8260).

Supports and resistances

17.9940 **

17.9510 *

17.8800 **

17.8520

17.8138 last

17.7200

17.6780 **

17.6360 *

17.5940 **

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