USD/ZAR may fall 1440 - 2120 pips

Our pivot point is at 18.3100.

Our preference

The downside prevails as long as 18.3100 is resistance.

Alternative scenario

Above 18.3100, look for 18.4250 and 18.4930.

Comment

The RSI is below 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 18.2700 and 18.2860). Finally, the USD/ZAR has penetrated its lower Bollinger band (18.2177).

Supports and resistances

18.4930 **

18.4250 *

18.3100 **

18.2650

18.2120 last

18.0680

18.0000 **

17.9310 *

17.8630 **

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