USD/ZAR may fall 1255 - 1795 pips

Our pivot point is at 18.4470.

Our preference

The downside prevails as long as 18.4470 is resistance.

Alternative scenario

The upside breakout of 18.4470, would call for 18.5380 and 18.5920.

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 18.3830 and 18.3810).

Supports and resistances

18.5920 **

18.5380 *

18.4470 **

18.4110

18.3695 last

18.2440

18.1900 **

18.1360 *

18.0820 **

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