USD/ZAR may fall 1071 - 1531 pips

Our pivot point is at 18.8540.

Our preference

Target 18.5700.

Alternative scenario

The upside breakout of 18.8540, would call for 18.9320 and 18.9790.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (18.7810) but above its 50 period moving average (18.7100).

Supports and resistances

18.9790 **

18.9320 *

18.8540 **

18.8240

18.7231 last

18.6160

18.5700 **

18.5240 *

18.4780 **

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