USD/ZAR may fall 1514 - 2194 pips

18.3400 is our pivot point.

Our preference

The downside prevails as long as 18.3400 is resistance.

Alternative scenario

Above 18.3400, look for 18.4550 and 18.5240.

Comment

The RSI is below 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 18.2570 and 18.2550).

Supports and resistances

18.5240 **

18.4550 *

18.3400 **

18.2940

18.2464 last

18.0950

18.0270 **

17.9580 *

17.8890 **

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