USD/ZAR may fall 1480 - 2020 pips

Our pivot point is at 18.5240.

Our preference

The downside prevails as long as 18.5240 is resistance.

Alternative scenario

Above 18.5240, look for 18.6150 and 18.6700.

Comment

The RSI is below 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 18.4700 and 18.4870).

Supports and resistances

18.6700 **

18.6150 *

18.5240 **

18.4880

18.4470 last

18.2990

18.2450 **

18.1910 *

18.1360 **

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