USD/ZAR may fall 1404 - 2084 pips

Our pivot point is at 18.4490.

Our preference

Technical rebound towards 18.4490 before a new drop.

Alternative scenario

The upside breakout of 18.4490, would call for 18.5640 and 18.6330.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (18.3360) but below its 50 period moving average (18.3570).

Supports and resistances

18.6330 **

18.5640 *

18.4490 **

18.4040

18.3464 last

18.2060

18.1380 **

18.0690 *

18.0010 **

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