USD/ZAR may fall 1032 - 1442 pips

Our pivot point stands at 18.2490.

Our preference

The downside prevails as long as 18.2490 is resistance.

Alternative scenario

The upside breakout of 18.2490, would call for 18.3190 and 18.3610.

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 stands below its 20 and 50 period moving average (respectively at 18.2210 and 18.2260).

Supports and resistances

18.3610 **

18.3190 *

18.2490 **

18.2220

18.1832 last

18.0800

18.0390 **

17.9970 *

17.9550 **

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