USD/ZAR may fall 1038 - 1448 pips

Our pivot point is at 18.1280.

Our preference

The downside prevails as long as 18.1280 is resistance.

Alternative scenario

The upside breakout of 18.1280, would call for 18.1970 and 18.2390.

Comment

The RSI is below 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 18.1010 and 18.1230).

Supports and resistances

18.2390 **

18.1970 *

18.1280 **

18.1000

18.0658 last

17.9620

17.9210 **

17.8790 *

17.8380 **

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