USD/ZAR may fall 1268 - 1828 pips

Our pivot point stands at 18.9110.

Our preference

The downside prevails as long as 18.9110 is resistance.

Alternative scenario

The upside breakout of 18.9110, would call for 19.0060 and 19.0620.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.8470 and 18.8900).

Supports and resistances

19.0620 **

19.0060 *

18.9110 **

18.8740

18.8288 last

18.7020

18.6460 **

18.5900 *

18.5330 **

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