USD/ZAR may fall 945 - 1345 pips

Our pivot point stands at 17.6570.

Our preference

The downside prevails as long as 17.6570 is resistance.

Alternative scenario

The upside breakout of 17.6570, would call for 17.7250 and 17.7650.

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 17.6140 and 17.5970).

Supports and resistances

17.7650 **

17.7250 *

17.6570 **

17.6300

17.5935 last

17.4990

17.4590 **

17.4190 *

17.3780 **

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