USD/ZAR may fall 894 - 1274 pips

Our pivot point is at 17.6940.

Our preference

Target 17.5030.

Alternative scenario

Above 17.6940, look for 17.7570 and 17.7940.

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 is below its 20 period moving average (17.6460) but above its 50 period moving average (17.6280). Finally, the USD/ZAR has penetrated its lower Bollinger band (17.6310).

Supports and resistances

17.7940 **

17.7570 *

17.6940 **

17.6700

17.6304 last

17.5410

17.5030 **

17.4660 *

17.4290 **

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