USD/ZAR may fall to 16.7990 - 17.2490

Our pivot point stands at 18.8870.

Our preference

The downside prevails as long as 18.8870 is resistance.

Alternative scenario

Above 18.8870, look for 19.6490 and 20.1020.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.4380 and 18.6450).

Supports and resistances

20.1020 **

19.6490 *

18.8870 **

18.5870

18.1776 last

17.2490

16.7990 **

16.3490 *

15.8990 **

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