USD/ZAR may fall 1139 - 1589 pips

Our pivot point is at 18.3340.

Our preference

The downside prevails as long as 18.3340 is resistance.

Alternative scenario

Above 18.3340, look for 18.4100 and 18.4550.

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 18.2850 and 18.2940).

Supports and resistances

18.4550 **

18.4100 *

18.3340 **

18.3040

18.2659 last

18.1520

18.1070 **

18.0620 *

18.0170 **

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