USD/ZAR may rise 1165 - 1705 pips

Our pivot point stands at 18.3040.

Our preference

Rebound.

Alternative scenario

The downside breakout of 18.3040 would call for 18.2130 and 18.1590.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (18.3450) but below its 50 period moving average (18.4030).

Supports and resistances

18.6660 **

18.6120 *

18.5580 **

18.5040

18.3875 last

18.3390

18.3040 **

18.2130 *

18.1590 **

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