USD/ZAR may fall 1047 - 1537 pips

Our pivot point stands at 17.6700.

Our preference

The downside prevails as long as 17.6700 is resistance.

Alternative scenario

The upside breakout of 17.6700, would call for 17.7530 and 17.8020.

Comment

The RSI is below its neutrality area at 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 17.6100 and 17.6180).

Supports and resistances

17.8020 **

17.7530 *

17.6700 **

17.6380

17.5797 last

17.4750

17.4260 **

17.3770 *

17.3280 **

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