USD/ZAR may fall 1418 - 2058 pips

Our pivot point is at 18.0440.

Our preference

The downside prevails as long as 18.0440 is resistance.

Alternative scenario

The upside breakout of 18.0440, would call for 18.1520 and 18.2170.

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 stands below its 20 and 50 period moving average (respectively at 17.9690 and 18.0150).

Supports and resistances

18.2170 **

18.1520 *

18.0440 **

18.0020

17.9588 last

17.8170

17.7530 **

17.6890 *

17.6250 **

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