USD/ZAR may fall 1500 - 2140 pips

Our pivot point is at 18.1270.

Our preference

Target 17.8220.

Alternative scenario

The upside breakout of 18.1270, would call for 18.2360 and 18.3000.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (18.0810) but above its 50 period moving average (18.0020).

Supports and resistances

18.3000 **

18.2360 *

18.1270 **

18.0850

18.0360 last

17.8860

17.8220 **

17.7570 *

17.6930 **

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