USD/ZAR may rise 1428 - 2048 pips

Our pivot point is at 18.0040.

Our preference

Rebound towards 18.3000.

Alternative scenario

Below 18.0040, expect 17.9000 and 17.8380.

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 is trading under both its 20 and 50 period moving average (respectively at 18.1030 and 18.1330).

Supports and resistances

18.4240 **

18.3620 *

18.3000 **

18.2380

18.0952 last

18.0440

18.0040 **

17.9000 *

17.8380 **

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