USD/ZAR may fall 1111 - 1651 pips

18.4270 is our pivot point.

Our preference

The downside prevails as long as 18.4270 is resistance.

Alternative scenario

The upside breakout of 18.4270, would call for 18.5180 and 18.5720.

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 18.3590 and 18.3720).

Supports and resistances

18.5720 **

18.5180 *

18.4270 **

18.3910

18.3481 last

18.2370

18.1830 **

18.1290 *

18.0750 **

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