USD/ZAR may rise 1400 - 2080 pips

17.8940 is our pivot point.

Our preference

Rebound towards 18.2020.

Alternative scenario

The downside breakout of 17.8940 would call for 17.7800 and 17.7130.

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 (17.9880) but under its 50 period moving average (18.0270).

Supports and resistances

18.3370 **

18.2690 *

18.2020 **

18.1340

17.9940 last

17.9380

17.8940 **

17.7800 *

17.7130 **

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