USD/ZAR may rise 1296 - 1916 pips

Our pivot point stands at 18.0630.

Our preference

Rebound towards 18.3560.

Alternative scenario

The downside breakout of 18.0630 would call for 17.9590 and 17.8970.

Comment

The RSI is below its neutrality area at 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 18.1670 and 18.2000).

Supports and resistances

18.4800 **

18.4180 *

18.3560 **

18.2940

18.1644 last

18.1040

18.0630 **

17.9590 *

17.8970 **

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