USD/ZAR may fall 1005 - 1425 pips

17.7240 is our pivot point.

Our preference

The downside prevails as long as 17.7240 is resistance.

Alternative scenario

The upside breakout of 17.7240, would call for 17.7950 and 17.8380.

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 17.7420 and 17.7530).

Supports and resistances

17.8380 **

17.7950 *

17.7240 **

17.6960

17.6645 last

17.5640

17.5220 **

17.4800 *

17.4370 **

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