USD/ZAR may rise 1333 - 1953 pips

Our pivot point stands at 18.1470.

Our preference

Rebound towards 18.4370.

Alternative scenario

The downside breakout of 18.1470 would call for 18.0420 and 17.9800.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.2810 and 18.3560).

Supports and resistances

18.5620 **

18.5000 *

18.4370 **

18.3750

18.2417 last

18.1880

18.1470 **

18.0420 *

17.9800 **

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