USD/ZAR may rise 1146 - 1686 pips

Our pivot point is at 18.2720.

Our preference

Rebound.

Alternative scenario

Below 18.2720, expect 18.1820 and 18.1280.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (18.3440) but under its 50 period moving average (18.4130).

Supports and resistances

18.6440 **

18.5900 *

18.5350 **

18.4810

18.3664 last

18.3080

18.2720 **

18.1820 *

18.1280 **

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