USD/ZAR may fall 969 - 1339 pips

17.6490 is our pivot point.

Our preference

Target 17.4500.

Alternative scenario

The upside breakout of 17.6490, would call for 17.7120 and 17.7500.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (17.5890) but above its 50 period moving average (17.5630).

Supports and resistances

17.7500 **

17.7120 *

17.6490 **

17.6240

17.5839 last

17.4870

17.4500 **

17.4120 *

17.3750 **

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