USD/ZAR may fall 1392 - 2012 pips

Our pivot point is at 18.2440.

Our preference

The downside prevails as long as 18.2440 is resistance.

Alternative scenario

The upside breakout of 18.2440, would call for 18.3480 and 18.4110.

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 18.2040 and 18.2200).

Supports and resistances

18.4110 **

18.3480 *

18.2440 **

18.2030

18.1562 last

18.0170

17.9550 **

17.8930 *

17.8310 **

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