USD/ZAR may fall 1512 - 2192 pips

Our pivot point is at 18.3540.

Our preference

As long as 18.3540 is resistance look for 18.0170.

Alternative scenario

Above 18.3540, look for 18.4700 and 18.5380.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.2520 and 18.2790).

Supports and resistances

18.5380 **

18.4700 *

18.3540 **

18.3090

18.2362 last

18.0850

18.0170 **

17.9480 *

17.8800 **

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