USD/ZAR may fall 1109 - 1529 pips

Our pivot point stands at 17.8010.

Our preference

Under pressure below 17.8010.

Alternative scenario

Above 17.8010, look for 17.8720 and 17.9140.

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 17.7520 and 17.7730).

Supports and resistances

17.9140 **

17.8720 *

17.8010 **

17.7730

17.7439 last

17.6330

17.5910 **

17.5490 *

17.5070 **

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