USD/ZAR may fall 1194 - 1734 pips

Our pivot point stands at 18.3780.

Our preference

The downside prevails as long as 18.3780 is resistance.

Alternative scenario

Above 18.3780, look for 18.4680 and 18.5220.

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 18.3050 and 18.3140).

Supports and resistances

18.5220 **

18.4680 *

18.3780 **

18.3420

18.2924 last

18.1730

18.1190 **

18.0660 *

18.0120 **

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