USD/ZAR may fall 977 - 1387 pips

Our pivot point is at 17.6290.

Our preference

The downside prevails as long as 17.6290 is resistance.

Alternative scenario

The upside breakout of 17.6290, would call for 17.6970 and 17.7370.

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 17.6050 and 17.6180).

Supports and resistances

17.7370 **

17.6970 *

17.6290 **

17.6020

17.5607 last

17.4630

17.4220 **

17.3820 *

17.3420 **

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