USD/ZAR may fall 1321 - 1861 pips

Our pivot point is at 18.3900.

Our preference

The downside prevails as long as 18.3900 is resistance.

Alternative scenario

The upside breakout of 18.3900, would call for 18.4800 and 18.5340.

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 18.3260 and 18.3520).

Supports and resistances

18.5340 **

18.4800 *

18.3900 **

18.3540

18.3081 last

18.1760

18.1220 **

18.0680 *

18.0150 **

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