USD/ZAR may fall 1102 - 1602 pips

17.7990 is our pivot point.

Our preference

The downside prevails as long as 17.7990 is resistance.

Alternative scenario

Above 17.7990, look for 17.8820 and 17.9310.

Comment

The RSI is below 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 17.7470 and 17.7550).

Supports and resistances

17.9310 **

17.8820 *

17.7990 **

17.7660

17.7182 last

17.6080

17.5580 **

17.5090 *

17.4600 **

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