USD/ZAR may fall 967 - 1397 pips

18.0510 is our pivot point.

Our preference

Target 17.8480.

Alternative scenario

The upside breakout of 18.0510, would call for 18.1230 and 18.1660.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (18.0100) but above its 50 period moving average (17.9660).

Supports and resistances

18.1660 **

18.1230 *

18.0510 **

18.0230

17.9877 last

17.8910

17.8480 **

17.8050 *

17.7630 **

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