USD/ZAR may fall 1398 - 2008 pips

Our pivot point is at 18.2770.

Our preference

The downside prevails as long as 18.2770 is resistance.

Alternative scenario

The upside breakout of 18.2770, would call for 18.3800 and 18.4410.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.2430 and 18.2330).

Supports and resistances

18.4410 **

18.3800 *

18.2770 **

18.2370

18.1878 last

18.0480

17.9870 **

17.9260 *

17.8650 **

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