USD/ZAR may fall 992 - 1402 pips

Our pivot point is at 17.7410.

Our preference

The downside prevails as long as 17.7410 is resistance.

Alternative scenario

The upside breakout of 17.7410, would call for 17.8090 and 17.8490.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.6900 and 17.6840).

Supports and resistances

17.8490 **

17.8090 *

17.7410 **

17.7140

17.6692 last

17.5700

17.5290 **

17.4890 *

17.4490 **

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