USD/ZAR may fall 1436 - 2116 pips

Our pivot point stands at 18.1640.

Our preference

The downside prevails as long as 18.1640 is resistance.

Alternative scenario

Above 18.1640, look for 18.2780 and 18.3460.

Comment

The RSI is below its neutrality area at 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 18.0910 and 18.0950).

Supports and resistances

18.3460 **

18.2780 *

18.1640 **

18.1190

18.0526 last

17.9090

17.8410 **

17.7740 *

17.7060 **

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