USD/ZAR may fall 926 - 1346 pips

17.7550 is our pivot point.

Our preference

The downside prevails as long as 17.7550 is resistance.

Alternative scenario

The upside breakout of 17.7550, would call for 17.8260 and 17.8680.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.7350 and 17.7300).

Supports and resistances

17.8680 **

17.8260 *

17.7550 **

17.7270

17.6796 last

17.5870

17.5450 **

17.5030 *

17.4610 **

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