USD/ZAR may fall 949 - 1369 pips

Our pivot point stands at 18.0820.

Our preference

The downside prevails as long as 18.0820 is resistance.

Alternative scenario

Above 18.0820, look for 18.1520 and 18.1930.

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 18.0440 and 18.0570).

Supports and resistances

18.1930 **

18.1520 *

18.0820 **

18.0550

18.0039 last

17.9090

17.8670 **

17.8260 *

17.7850 **

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