USD/ZAR may fall 1548 - 2228 pips

18.3570 is our pivot point.

Our preference

The downside prevails as long as 18.3570 is resistance.

Alternative scenario

Above 18.3570, look for 18.4720 and 18.5400.

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 18.2930 and 18.3470).

Supports and resistances

18.5400 **

18.4720 *

18.3570 **

18.3120

18.2628 last

18.1080

18.0400 **

17.9710 *

17.9030 **

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