USD/ZAR may fall 1088 - 1618 pips

Our pivot point is at 18.5010.

Our preference

Target 18.2590.

Alternative scenario

The upside breakout of 18.5010, would call for 18.5900 and 18.6430.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (18.4410) but above its 50 period moving average (18.4080).

Supports and resistances

18.6430 **

18.5900 *

18.5010 **

18.4660

18.4208 last

18.3120

18.2590 **

18.2060 *

18.1530 **

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