USD/ZAR may fall 1032 - 1442 pips

18.0590 is our pivot point.

Our preference

The downside prevails as long as 18.0590 is resistance.

Alternative scenario

Above 18.0590, look for 18.1290 and 18.1700.

Comment

The RSI is below 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 18.0140 and 18.0440).

Supports and resistances

18.1700 **

18.1290 *

18.0590 **

18.0320

18.0032 last

17.9000

17.8590 **

17.8170 *

17.7760 **

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