USD/ZAR may fall 972 - 1462 pips

Our pivot point stands at 17.4750.

Our preference

The downside prevails as long as 17.4750 is resistance.

Alternative scenario

Above 17.4750, look for 17.5570 and 17.6060.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.4760 and 17.5040).

Supports and resistances

17.6060 **

17.5570 *

17.4750 **

17.4430

17.4112 last

17.3140

17.2650 **

17.2170 *

17.1680 **

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