USD/ZAR may fall 1407 - 2027 pips

Our pivot point stands at 18.5590.

Our preference

The downside prevails as long as 18.5590 is resistance.

Alternative scenario

The upside breakout of 18.5590, would call for 18.6630 and 18.7250.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.4910 and 18.5120).

Supports and resistances

18.7250 **

18.6630 *

18.5590 **

18.5180

18.4707 last

18.3300

18.2680 **

18.2060 *

18.1440 **

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