USD/ZAR may rise 1154 - 1694 pips

Our pivot point is at 18.1210.

Our preference

Rebound towards 18.3750.

Alternative scenario

The downside breakout of 18.1210 would call for 18.0310 and 17.9770.

Comment

The RSI is below its neutrality area at 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 18.2290 and 18.2750).

Supports and resistances

18.4820 **

18.4280 *

18.3750 **

18.3210

18.2056 last

18.1560

18.1210 **

18.0310 *

17.9770 **

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