USD/ZAR may fall 1543 - 2223 pips

18.4130 is our pivot point.

Our preference

The downside prevails as long as 18.4130 is resistance.

Alternative scenario

The upside breakout of 18.4130, would call for 18.5280 and 18.5970.

Comment

The RSI is below its neutrality area at 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 18.3530 and 18.3960).

Supports and resistances

18.5970 **

18.5280 *

18.4130 **

18.3680

18.3173 last

18.1630

18.0950 **

18.0270 *

17.9590 **

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