USD/ZAR may fall 967 - 1337 pips

Our pivot point stands at 17.5070.

Our preference

The downside prevails as long as 17.5070 is resistance.

Alternative scenario

The upside breakout of 17.5070, would call for 17.5700 and 17.6070.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.4860 and 17.5190).

Supports and resistances

17.6070 **

17.5700 *

17.5070 **

17.4830

17.4557 last

17.3590

17.3220 **

17.2850 *

17.2470 **

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