USD/ZAR may fall 1053 - 1473 pips

Our pivot point stands at 17.7180.

Our preference

The downside prevails as long as 17.7180 is resistance.

Alternative scenario

Above 17.7180, look for 17.7890 and 17.8310.

Comment

The RSI is below its neutrality area at 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 17.6810 and 17.7260).

Supports and resistances

17.8310 **

17.7890 *

17.7180 **

17.6900

17.6593 last

17.5540

17.5120 **

17.4700 *

17.4280 **

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