USD/ZAR may rise 1311 - 1941 pips

18.0630 is our pivot point.

Our preference

Rebound towards 18.3640.

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 negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (18.1640) but under its 50 period moving average (18.1970).

Supports and resistances

18.4880 **

18.4260 *

18.3640 **

18.3010

18.1699 last

18.1040

18.0630 **

17.9590 *

17.8970 **

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