USD/ZAR may fall 1369 - 2049 pips

18.2030 is our pivot point.

Our preference

Under pressure below 18.2030.

Alternative scenario

Above 18.2030, look for 18.3170 and 18.3850.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.1120 and 18.1090).

Supports and resistances

18.3850 **

18.3170 *

18.2030 **

18.1580

18.0969 last

17.9600

17.8920 **

17.8240 *

17.7560 **

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