USD/ZAR may fall 993 - 1373 pips

17.5150 is our pivot point.

Our preference

The downside prevails as long as 17.5150 is resistance.

Alternative scenario

The upside breakout of 17.5150, would call for 17.5780 and 17.6150.

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 17.4800 and 17.5130).

Supports and resistances

17.6150 **

17.5780 *

17.5150 **

17.4910

17.4623 last

17.3630

17.3250 **

17.2880 *

17.2510 **

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