USD/ZAR may fall 1426 - 2106 pips

18.2330 is our pivot point.

Our preference

Target 17.9240.

Alternative scenario

Above 18.2330, look for 18.3480 and 18.4160.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (18.1470) but above its 50 period moving average (18.1250).

Supports and resistances

18.4160 **

18.3480 *

18.2330 **

18.1880

18.1346 last

17.9920

17.9240 **

17.8560 *

17.7880 **

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