USD/ZAR may rise 1413 - 2033 pips

Our pivot point is at 18.1620.

Our preference

Rebound towards 18.4510.

Alternative scenario

The downside breakout of 18.1620 would call for 18.0570 and 17.9950.

Comment

The RSI is below 50. 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 18.2500 and 18.3320).

Supports and resistances

18.5760 **

18.5130 *

18.4510 **

18.3890

18.2477 last

18.2030

18.1620 **

18.0570 *

17.9950 **

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