USD/ZAR may rise 1476 - 2156 pips

Our pivot point is at 18.1780.

Our preference

Rebound.

Alternative scenario

The downside breakout of 18.1780 would call for 18.0630 and 17.9950.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (18.2630) but below its 50 period moving average (18.2990).

Supports and resistances

18.6400 **

18.5720 *

18.5030 **

18.4350

18.2874 last

18.2230

18.1780 **

18.0630 *

17.9950 **

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