USD/ZAR may fall 984 - 1424 pips

Our pivot point stands at 17.8710.

Our preference

Target 17.6650.

Alternative scenario

The upside breakout of 17.8710, would call for 17.9440 and 17.9870.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (17.8170) but above its 50 period moving average (17.7940).

Supports and resistances

17.9870 **

17.9440 *

17.8710 **

17.8420

17.8074 last

17.7090

17.6650 **

17.6220 *

17.5780 **

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