USD/ZAR may rise 876 - 1296 pips

Our pivot point is at 18.0460.

Our preference

Rebound towards 18.2530.

Alternative scenario

Below 18.0460, expect 17.9770 and 17.9350.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (18.1170) but under its 50 period moving average (18.1630).

Supports and resistances

18.3360 **

18.2940 *

18.2530 **

18.2110

18.1234 last

18.0740

18.0460 **

17.9770 *

17.9350 **

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