USD/ZAR may fall 1298 - 1828 pips

Our pivot point is at 18.6520.

Our preference

The downside prevails as long as 18.6520 is resistance.

Alternative scenario

The upside breakout of 18.6520, would call for 18.7420 and 18.7960.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.6260 and 18.6810).

Supports and resistances

18.7960 **

18.7420 *

18.6520 **

18.6160

18.5748 last

18.4450

18.3920 **

18.3380 *

18.2850 **

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