USD/ZAR may fall 1232 - 1792 pips

Our pivot point stands at 18.8000.

Our preference

The downside prevails as long as 18.8000 is resistance.

Alternative scenario

The upside breakout of 18.8000, would call for 18.8940 and 18.9500.

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 is trading under both its 20 and 50 period moving average (respectively at 18.7450 and 18.8090).

Supports and resistances

18.9500 **

18.8940 *

18.8000 **

18.7630

18.7132 last

18.5900

18.5340 **

18.4780 *

18.4220 **

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