USD/ZAR may rise 1370 - 2060 pips

Our pivot point is at 18.2200.

Our preference

Rebound towards 18.5290.

Alternative scenario

Below 18.2200, expect 18.1050 and 18.0370.

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 (18.3200) but under its 50 period moving average (18.3650).

Supports and resistances

18.6650 **

18.5970 *

18.5290 **

18.4600

18.3230 last

18.2650

18.2200 **

18.1050 *

18.0370 **

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