USD/ZAR may fall 1644 - 2254 pips

Our pivot point stands at 18.2640.

Our preference

The downside prevails as long as 18.2640 is resistance.

Alternative scenario

The upside breakout of 18.2640, would call for 18.3660 and 18.4270.

Comment

The RSI is below its neutrality area at 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 18.1970 and 18.2310).

Supports and resistances

18.4270 **

18.3660 *

18.2640 **

18.2240

18.1774 last

18.0130

17.9520 **

17.8920 *

17.8310 **

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