USD/ZAR may fall 1271 - 1731 pips

Our pivot point stands at 18.7980.

Our preference

The downside prevails as long as 18.7980 is resistance.

Alternative scenario

Above 18.7980, look for 18.8760 and 18.9220.

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 18.7430 and 18.7580).

Supports and resistances

18.9220 **

18.8760 *

18.7980 **

18.7680

18.7201 last

18.5930

18.5470 **

18.5000 *

18.4540 **

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