USD/ZAR may rise 1421 - 2101 pips

Our pivot point stands at 17.8950.

Our preference

Rebound towards 18.2040.

Alternative scenario

The downside breakout of 17.8950 would call for 17.7810 and 17.7140.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.0060 and 18.0600).

Supports and resistances

18.3390 **

18.2710 *

18.2040 **

18.1360

17.9939 last

17.9390

17.8950 **

17.7810 *

17.7140 **

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