USD/ZAR may fall 949 - 1359 pips

Our pivot point stands at 17.7350.

Our preference

The downside prevails as long as 17.7350 is resistance.

Alternative scenario

Above 17.7350, look for 17.8030 and 17.8440.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.7080 and 17.6770).

Supports and resistances

17.8440 **

17.8030 *

17.7350 **

17.7080

17.6739 last

17.5790

17.5380 **

17.4980 *

17.4570 **

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