USD/ZAR may fall 1322 - 1852 pips

18.3730 is our pivot point.

Our preference

The downside prevails as long as 18.3730 is resistance.

Alternative scenario

The upside breakout of 18.3730, would call for 18.4630 and 18.5170.

Comment

The RSI is below its neutrality area at 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 18.3120 and 18.3220).

Supports and resistances

18.5170 **

18.4630 *

18.3730 **

18.3370

18.3012 last

18.1690

18.1160 **

18.0620 *

18.0080 **

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