USD/ZAR may fall 1529 - 2219 pips

Our pivot point stands at 18.3920.

Our preference

The downside prevails as long as 18.3920 is resistance.

Alternative scenario

Above 18.3920, look for 18.5070 and 18.5750.

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 18.3780 and 18.3890). Finally, the USD/ZAR is trading below its lower Bollinger band (standing at 18.2993).

Supports and resistances

18.5750 **

18.5070 *

18.3920 **

18.3470

18.2709 last

18.1180

18.0490 **

17.9810 *

17.9130 **

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