USD/ZAR may fall 815 - 1225 pips

Our pivot point stands at 17.9130.

Our preference

The downside prevails as long as 17.9130 is resistance.

Alternative scenario

Above 17.9130, look for 17.9820 and 18.0220.

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 17.8900 and 17.9410).

Supports and resistances

18.0220 **

17.9820 *

17.9130 **

17.8860

17.8585 last

17.7770

17.7360 **

17.6950 *

17.6540 **

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