USD/ZAR may fall 950 - 1330 pips

Our pivot point is at 17.6300.

Our preference

The downside prevails as long as 17.6300 is resistance.

Alternative scenario

Above 17.6300, look for 17.6930 and 17.7310.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.5810 and 17.6180).

Supports and resistances

17.7310 **

17.6930 *

17.6300 **

17.6050

17.5440 last

17.4490

17.4110 **

17.3740 *

17.3370 **

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