USD/ZAR may fall 863 - 1273 pips

17.7070 is our pivot point.

Our preference

Target 17.4910.

Alternative scenario

Above 17.7070, look for 17.7750 and 17.8150.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (17.6270) but above its 50 period moving average (17.6060).

Supports and resistances

17.8150 **

17.7750 *

17.7070 **

17.6800

17.6183 last

17.5320

17.4910 **

17.4510 *

17.4110 **

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