USD/ZAR may fall 930 - 1340 pips

18.0500 is our pivot point.

Our preference

The downside prevails as long as 18.0500 is resistance.

Alternative scenario

Above 18.0500, look for 18.1200 and 18.1610.

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 18.0020 and 18.0270).

Supports and resistances

18.1610 **

18.1200 *

18.0500 **

18.0230

17.9850 last

17.8920

17.8510 **

17.8100 *

17.7690 **

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