USD/ZAR may fall 1563 - 2243 pips

Our pivot point stands at 18.3530.

Our preference

The downside prevails as long as 18.3530 is resistance.

Alternative scenario

Above 18.3530, look for 18.4670 and 18.5360.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.3010 and 18.3560).

Supports and resistances

18.5360 **

18.4670 *

18.3530 **

18.3080

18.2463 last

18.0900

18.0220 **

17.9540 *

17.8860 **

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