USD/ZAR may rise 1370 - 2060 pips

Our pivot point stands at 18.2680.

Our preference

Rebound towards 18.5640.

Alternative scenario

Below 18.2680, expect 18.1520 and 18.0840.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (18.3560) but under its 50 period moving average (18.3990).

Supports and resistances

18.7010 **

18.6320 *

18.5640 **

18.4950

18.3580 last

18.3130

18.2680 **

18.1520 *

18.0840 **

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