USD/ZAR may rise 871 - 1291 pips

Our pivot point stands at 18.0080.

Our preference

Rebound.

Alternative scenario

The downside breakout of 18.0080 would call for 17.9380 and 17.8970.

Comment

The RSI is above its neutrality area at 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 (18.0640) but below its 50 period moving average (18.0890).

Supports and resistances

18.2900 **

18.2480 *

18.2070 **

18.1650

18.0779 last

18.0350

18.0080 **

17.9380 *

17.8970 **

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