USD/ZAR may fall 1231 - 1801 pips

Our pivot point stands at 18.8690.

Our preference

The downside prevails as long as 18.8690 is resistance.

Alternative scenario

Above 18.8690, look for 18.9640 and 19.0200.

Comment

The RSI is below 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 18.8530 and 18.8530). Finally, the USD/ZAR has penetrated its lower Bollinger band (18.7787).

Supports and resistances

19.0200 **

18.9640 *

18.8690 **

18.8320

18.7661 last

18.6430

18.5860 **

18.5300 *

18.4740 **

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