USD/ZAR may fall to 16.9020 - 17.2850

Our pivot point is at 18.6540.

Our preference

The downside prevails as long as 18.6540 is resistance.

Alternative scenario

Above 18.6540, look for 19.2990 and 19.6830.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.4360 and 18.5240).

Supports and resistances

19.6830 **

19.2990 *

18.6540 **

18.4000

18.1401 last

17.2850

16.9020 **

16.5200 *

16.1380 **

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