USD/ZAR may fall 1261 - 1801 pips

Our pivot point stands at 18.4710.

Our preference

Technical rebound towards 18.4710 before a new drop.

Alternative scenario

The upside breakout of 18.4710, would call for 18.5620 and 18.6170.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (18.3530) but below its 50 period moving average (18.3990).

Supports and resistances

18.6170 **

18.5620 *

18.4710 **

18.4360

18.3931 last

18.2670

18.2130 **

18.1590 *

18.1040 **

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