USD/ZAR may fall 1533 - 2213 pips

Our pivot point stands at 18.1730.

Our preference

The downside prevails as long as 18.1730 is resistance.

Alternative scenario

Above 18.1730, look for 18.2870 and 18.3550.

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 18.0980 and 18.0960). Finally, the USD/ZAR has penetrated its lower Bollinger band (18.0688).

Supports and resistances

18.3550 **

18.2870 *

18.1730 **

18.1280

18.0663 last

17.9130

17.8450 **

17.7780 *

17.7100 **

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