USD/ZAR may rise 1447 - 2057 pips

Our pivot point stands at 18.1880.

Our preference

Rebound towards 18.4840.

Alternative scenario

The downside breakout of 18.1880 would call for 18.0850 and 18.0240.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.3040 and 18.3460). Finally, the USD/ZAR has penetrated its lower Bollinger band (18.2858).

Supports and resistances

18.6070 **

18.5460 *

18.4840 **

18.4230

18.2783 last

18.2280

18.1880 **

18.0850 *

18.0240 **

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