USD/ZAR may rise 1422 - 2102 pips

Our pivot point stands at 18.1480.

Our preference

Rebound towards 18.4590.

Alternative scenario

The downside breakout of 18.1480 would call for 18.0330 and 17.9640.

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 18.2500 and 18.2820).

Supports and resistances

18.5970 **

18.5280 *

18.4590 **

18.3910

18.2488 last

18.1940

18.1480 **

18.0330 *

17.9640 **

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