USD/ZAR may fall 808 - 1218 pips

Our pivot point is at 17.6680.

Our preference

The downside prevails as long as 17.6680 is resistance.

Alternative scenario

The upside breakout of 17.6680, would call for 17.7360 and 17.7760.

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 17.6120 and 17.6080).

Supports and resistances

17.7760 **

17.7360 *

17.6680 **

17.6410

17.6008 last

17.5200

17.4790 **

17.4390 *

17.3990 **

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