USD/ZAR may fall 888 - 1258 pips

17.4310 is our pivot point.

Our preference

The downside prevails as long as 17.4310 is resistance.

Alternative scenario

Above 17.4310, look for 17.4930 and 17.5300.

Comment

The RSI is below 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 17.4330 and 17.4750).

Supports and resistances

17.5300 **

17.4930 *

17.4310 **

17.4060

17.3798 last

17.2910

17.2540 **

17.2160 *

17.1790 **

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