USD/ZAR may fall 1208 - 1758 pips

Our pivot point stands at 18.5410.

Our preference

The downside prevails as long as 18.5410 is resistance.

Alternative scenario

Above 18.5410, look for 18.6320 and 18.6870.

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 18.5010 and 18.4970).

Supports and resistances

18.6870 **

18.6320 *

18.5410 **

18.5050

18.4648 last

18.3440

18.2890 **

18.2350 *

18.1810 **

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