USD/ZAR may fall 1457 - 2067 pips

Our pivot point stands at 18.3040.

Our preference

The downside prevails as long as 18.3040 is resistance.

Alternative scenario

Above 18.3040, look for 18.4070 and 18.4680.

Comment

The RSI is below 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 18.2680 and 18.3050).

Supports and resistances

18.4680 **

18.4070 *

18.3040 **

18.2640

18.2047 last

18.0590

17.9980 **

17.9370 *

17.8760 **

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