USD/ZAR may fall 801 - 1201 pips

Our pivot point stands at 17.7100.

Our preference

The downside prevails as long as 17.7100 is resistance.

Alternative scenario

The upside breakout of 17.7100, would call for 17.7780 and 17.8180.

Comment

The RSI is below its neutrality area at 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 17.6730 and 17.6880). Finally, the USD/ZAR is trading below its lower Bollinger band (standing at 17.6392).

Supports and resistances

17.8180 **

17.7780 *

17.7100 **

17.6840

17.6301 last

17.5500

17.5100 **

17.4700 *

17.4300 **

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