USD/ZAR may fall 866 - 1236 pips

Our pivot point is at 17.4790.

Our preference

The downside prevails as long as 17.4790 is resistance.

Alternative scenario

The upside breakout of 17.4790, would call for 17.5410 and 17.5790.

Comment

The RSI is below 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 17.4580 and 17.4910).

Supports and resistances

17.5790 **

17.5410 *

17.4790 **

17.4540

17.4106 last

17.3240

17.2870 **

17.2500 *

17.2130 **

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