USD/ZAR may fall 1084 - 1504 pips

Our pivot point stands at 17.6010.

Our preference

The downside prevails as long as 17.6010 is resistance.

Alternative scenario

The upside breakout of 17.6010, would call for 17.6720 and 17.7140.

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 17.5580 and 17.5890).

Supports and resistances

17.7140 **

17.6720 *

17.6010 **

17.5740

17.5394 last

17.4310

17.3890 **

17.3470 *

17.3050 **

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