USD/ZAR may rise 1407 - 2087 pips

Our pivot point is at 18.1480.

Our preference

Rebound towards 18.4570.

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 above its 20 period moving average (18.2460) but below its 50 period moving average (18.2580).

Supports and resistances

18.5950 **

18.5260 *

18.4570 **

18.3890

18.2483 last

18.1940

18.1480 **

18.0330 *

17.9640 **

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