USD/ZAR may fall 1182 - 1722 pips

Our pivot point is at 18.3270.

Our preference

Technical rebound towards 18.3270 before a new drop.

Alternative scenario

The upside breakout of 18.3270, would call for 18.4170 and 18.4710.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (18.2370) but under its 50 period moving average (18.2520).

Supports and resistances

18.4710 **

18.4170 *

18.3270 **

18.2920

18.2522 last

18.1340

18.0800 **

18.0260 *

17.9730 **

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