USD/ZAR may fall 1113 - 1553 pips

Our pivot point stands at 17.7760.

Our preference

The downside prevails as long as 17.7760 is resistance.

Alternative scenario

The upside breakout of 17.7760, would call for 17.8480 and 17.8920.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.7310 and 17.7260).

Supports and resistances

17.8920 **

17.8480 *

17.7760 **

17.7470

17.7073 last

17.5960

17.5520 **

17.5090 *

17.4660 **

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