USD/ZAR may fall 822 - 1192 pips

Our pivot point is at 17.5360.

Our preference

Technical rebound towards 17.5360 before a new drop.

Alternative scenario

The upside breakout of 17.5360, would call for 17.5980 and 17.6350.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (17.4050) but below its 50 period moving average (17.4460).

Supports and resistances

17.6350 **

17.5980 *

17.5360 **

17.5120

17.4462 last

17.3640

17.3270 **

17.2900 *

17.2530 **

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