USD/ZAR may fall 1142 - 1552 pips

Our pivot point is at 17.9890.

Our preference

The downside prevails as long as 17.9890 is resistance.

Alternative scenario

Above 17.9890, look for 18.0580 and 18.0990.

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 17.9630 and 17.9880).

Supports and resistances

18.0990 **

18.0580 *

17.9890 **

17.9620

17.9292 last

17.8150

17.7740 **

17.7330 *

17.6920 **

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