USD/ZAR may fall 1165 - 1585 pips

Our pivot point stands at 17.7210.

Our preference

The downside prevails as long as 17.7210 is resistance.

Alternative scenario

The upside breakout of 17.7210, would call for 17.7920 and 17.8340.

Comment

The RSI is below its neutrality area at 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 17.6820 and 17.7410).

Supports and resistances

17.8340 **

17.7920 *

17.7210 **

17.6930

17.6635 last

17.5470

17.5050 **

17.4620 *

17.4200 **

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