USD/ZAR may fall to 16.7770 - 17.0760

Our pivot point stands at 18.2010.

Our preference

The downside prevails as long as 18.2010 is resistance.

Alternative scenario

Above 18.2010, look for 18.7070 and 19.0080.

Comment

The RSI is below 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 18.0870 and 18.1670).

Supports and resistances

19.0080 **

18.7070 *

18.2010 **

18.0020

17.7730 last

17.0760

16.7770 **

16.4780 *

16.1790 **

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