USD/ZAR may fall 1172 - 1702 pips

18.4860 is our pivot point.

Our preference

The downside prevails as long as 18.4860 is resistance.

Alternative scenario

The upside breakout of 18.4860, would call for 18.5750 and 18.6280.

Comment

The RSI is below 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 18.4220 and 18.4210).

Supports and resistances

18.6280 **

18.5750 *

18.4860 **

18.4510

18.3952 last

18.2780

18.2250 **

18.1720 *

18.1190 **

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