USD/ZAR may fall 1002 - 1412 pips

Our pivot point stands at 17.7500.

Our preference

Target 17.5520.

Alternative scenario

Above 17.7500, look for 17.8180 and 17.8580.

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 (17.7190) but above its 50 period moving average (17.6730).

Supports and resistances

17.8580 **

17.8180 *

17.7500 **

17.7230

17.6932 last

17.5930

17.5520 **

17.5120 *

17.4710 **

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