USD/ZAR may fall 846 - 1246 pips

17.6620 is our pivot point.

Our preference

The downside prevails as long as 17.6620 is resistance.

Alternative scenario

The upside breakout of 17.6620, would call for 17.7300 and 17.7700.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.6110 and 17.6060).

Supports and resistances

17.7700 **

17.7300 *

17.6620 **

17.6350

17.5896 last

17.5050

17.4650 **

17.4250 *

17.3840 **

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