USD/ZAR may rise 1334 - 1964 pips

Our pivot point stands at 18.3180.

Our preference

Rebound towards 18.6060.

Alternative scenario

The downside breakout of 18.3180 would call for 18.2120 and 18.1490.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.4130 and 18.4580).

Supports and resistances

18.7320 **

18.6690 *

18.6060 **

18.5430

18.4096 last

18.3590

18.3180 **

18.2120 *

18.1490 **

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