USD/ZAR may fall 949 - 1369 pips

Our pivot point is at 17.9070.

Our preference

Target 17.7030.

Alternative scenario

The upside breakout of 17.9070, would call for 17.9780 and 18.0210.

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 price is below its 20 period moving average (17.8540) but above its 50 period moving average (17.8300).

Supports and resistances

18.0210 **

17.9780 *

17.9070 **

17.8790

17.8399 last

17.7450

17.7030 **

17.6610 *

17.6180 **

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