USD/ZAR may rise 1366 - 1996 pips

Our pivot point is at 18.3220.

Our preference

Rebound towards 18.6200.

Alternative scenario

The downside breakout of 18.3220 would call for 18.2160 and 18.1530.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.4210 and 18.5170).

Supports and resistances

18.7460 **

18.6830 *

18.6200 **

18.5570

18.4204 last

18.3630

18.3220 **

18.2160 *

18.1530 **

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