USD/ZAR may fall 1489 - 2159 pips

Our pivot point stands at 18.0660.

Our preference

The downside prevails as long as 18.0660 is resistance.

Alternative scenario

Above 18.0660, look for 18.1790 and 18.2470.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.9860 and 17.9850).

Supports and resistances

18.2470 **

18.1790 *

18.0660 **

18.0210

17.9659 last

17.8170

17.7500 **

17.6820 *

17.6150 **

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