USD/ZAR may fall 1233 - 1723 pips

Our pivot point stands at 17.6220.

Our preference

The downside prevails as long as 17.6220 is resistance.

Alternative scenario

The upside breakout of 17.6220, would call for 17.7040 and 17.7530.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.5490 and 17.5680).

Supports and resistances

17.7530 **

17.7040 *

17.6220 **

17.5890

17.5123 last

17.3890

17.3400 **

17.2910 *

17.2420 **

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