USD/ZAR may fall 1116 - 1536 pips

17.9970 is our pivot point.

Our preference

The downside prevails as long as 17.9970 is resistance.

Alternative scenario

The upside breakout of 17.9970, would call for 18.0690 and 18.1120.

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 stands below its 20 and 50 period moving average (respectively at 17.9680 and 17.9870).

Supports and resistances

18.1120 **

18.0690 *

17.9970 **

17.9690

17.9336 last

17.8220

17.7800 **

17.7370 *

17.6950 **

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