USD/ZAR may fall 1546 - 2226 pips

Our pivot point is at 18.1980.

Our preference

The downside prevails as long as 18.1980 is resistance.

Alternative scenario

Above 18.1980, look for 18.3120 and 18.3800.

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 18.1910 and 18.2040). Finally, the USD/ZAR is trading below its lower Bollinger band (standing at 18.1052).

Supports and resistances

18.3800 **

18.3120 *

18.1980 **

18.1530

18.0936 last

17.9390

17.8710 **

17.8030 *

17.7350 **

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