USD/ZAR may fall 1085 - 1575 pips

Our pivot point is at 17.5970.

Our preference

The downside prevails as long as 17.5970 is resistance.

Alternative scenario

Above 17.5970, look for 17.6790 and 17.7280.

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 17.5410 and 17.5500).

Supports and resistances

17.7280 **

17.6790 *

17.5970 **

17.5650

17.5295 last

17.4210

17.3720 **

17.3230 *

17.2740 **

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