USD/ZAR may fall 1114 - 1644 pips

18.4870 is our pivot point.

Our preference

The downside prevails as long as 18.4870 is resistance.

Alternative scenario

The upside breakout of 18.4870, would call for 18.5760 and 18.6290.

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 18.4370 and 18.4150).

Supports and resistances

18.6290 **

18.5760 *

18.4870 **

18.4520

18.4084 last

18.2970

18.2440 **

18.1910 *

18.1380 **

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