USD/ZAR may fall 1248 - 1798 pips

18.5570 is our pivot point.

Our preference

The downside prevails as long as 18.5570 is resistance.

Alternative scenario

Above 18.5570, look for 18.6480 and 18.7020.

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 18.5100 and 18.5010).

Supports and resistances

18.7020 **

18.6480 *

18.5570 **

18.5210

18.4778 last

18.3530

18.2980 **

18.2440 *

18.1890 **

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