USD/ZAR may rise 1440 - 2130 pips

Our pivot point is at 18.1510.

Our preference

Rebound towards 18.4610.

Alternative scenario

The downside breakout of 18.1510 would call for 18.0360 and 17.9670.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (18.2480) but below its 50 period moving average (18.2590).

Supports and resistances

18.5990 **

18.5300 *

18.4610 **

18.3920

18.2480 last

18.1960

18.1510 **

18.0360 *

17.9670 **

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