USD/ZAR may fall 1599 - 2289 pips

Our pivot point is at 18.4330.

Our preference

The downside prevails as long as 18.4330 is resistance.

Alternative scenario

The upside breakout of 18.4330, would call for 18.5480 and 18.6170.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.4200 and 18.3940).

Supports and resistances

18.6170 **

18.5480 *

18.4330 **

18.3880

18.3349 last

18.1750

18.1060 **

18.0380 *

17.9700 **

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