USD/ZAR may fall 1023 - 1433 pips

18.1220 is our pivot point.

Our preference

The downside prevails as long as 18.1220 is resistance.

Alternative scenario

Above 18.1220, look for 18.1920 and 18.2330.

Comment

The RSI is below 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 18.0800 and 18.1070).

Supports and resistances

18.2330 **

18.1920 *

18.1220 **

18.0950

18.0343 last

17.9320

17.8910 **

17.8500 *

17.8080 **

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