USD/ZAR may fall 1144 - 1564 pips

Our pivot point is at 17.8180.

Our preference

As long as 17.8180 is resistance look for 17.6040.

Alternative scenario

Above 17.8180, look for 17.8890 and 17.9310.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above its 20 period moving average (17.7560) but under its 50 period moving average (17.7650).

Supports and resistances

17.9310 **

17.8890 *

17.8180 **

17.7900

17.7604 last

17.6460

17.6040 **

17.5620 *

17.5190 **

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