USD/ZAR may fall 1555 - 2195 pips

Our pivot point is at 17.9900.

Our preference

The downside prevails as long as 17.9900 is resistance.

Alternative scenario

The upside breakout of 17.9900, would call for 18.0980 and 18.1620.

Comment

The RSI is below 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 17.9490 and 17.9980).

Supports and resistances

18.1620 **

18.0980 *

17.9900 **

17.9480

17.8875 last

17.7320

17.6680 **

17.6040 *

17.5400 **

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