USD/ZAR may fall 1253 - 1773 pips

18.4690 is our pivot point.

Our preference

The downside prevails as long as 18.4690 is resistance.

Alternative scenario

Above 18.4690, look for 18.5580 and 18.6120.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.4290 and 18.4220). Finally, the USD/ZAR is trading below its lower Bollinger band (standing at 18.3770).

Supports and resistances

18.6120 **

18.5580 *

18.4690 **

18.4340

18.3553 last

18.2300

18.1780 **

18.1250 *

18.0720 **

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