USD/ZAR may fall 1030 - 1430 pips

Our pivot point stands at 17.5430.

Our preference

Under pressure below 17.5430.

Alternative scenario

Above 17.5430, look for 17.6100 and 17.6490.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.4910 and 17.4770).

Supports and resistances

17.6490 **

17.6100 *

17.5430 **

17.5170

17.4770 last

17.3740

17.3340 **

17.2950 *

17.2550 **

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