USD/ZAR may fall 1520 - 2050 pips

Our pivot point is at 18.3180.

Our preference

The downside prevails as long as 18.3180 is resistance.

Alternative scenario

Above 18.3180, look for 18.4060 and 18.4590.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.3310 and 18.3610).

Supports and resistances

18.4590 **

18.4060 *

18.3180 **

18.2830

18.2420 last

18.0900

18.0370 **

17.9850 *

17.9320 **

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