USD/ZAR may fall 952 - 1372 pips

Our pivot point stands at 18.2340.

Our preference

The downside prevails as long as 18.2340 is resistance.

Alternative scenario

The upside breakout of 18.2340, would call for 18.3050 and 18.3460.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.1840 and 18.2160).

Supports and resistances

18.3460 **

18.3050 *

18.2340 **

18.2070

18.1382 last

18.0430

18.0010 **

17.9600 *

17.9180 **

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