USD/ZAR may fall 1449 - 2129 pips

Our pivot point stands at 18.3530.

Our preference

Under pressure below 18.3530.

Alternative scenario

The upside breakout of 18.3530, would call for 18.4680 and 18.5370.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.2660 and 18.2610).

Supports and resistances

18.5370 **

18.4680 *

18.3530 **

18.3070

18.2579 last

18.1130

18.0450 **

17.9760 *

17.9070 **

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