USD/ZAR may fall 962 - 1362 pips

Our pivot point is at 17.6220.

Our preference

The downside prevails as long as 17.6220 is resistance.

Alternative scenario

The upside breakout of 17.6220, would call for 17.6890 and 17.7300.

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 17.6150 and 17.6660).

Supports and resistances

17.7300 **

17.6890 *

17.6220 **

17.5950

17.5602 last

17.4640

17.4240 **

17.3840 *

17.3440 **

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