USD/ZAR may fall 1226 - 1756 pips

Our pivot point stands at 18.4510.

Our preference

The downside prevails as long as 18.4510 is resistance.

Alternative scenario

The upside breakout of 18.4510, would call for 18.5400 and 18.5930.

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 18.3930 and 18.4140).

Supports and resistances

18.5930 **

18.5400 *

18.4510 **

18.4160

18.3646 last

18.2420

18.1890 **

18.1360 *

18.0830 **

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