USD/ZAR may rise 862 - 1272 pips

18.0070 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 18.0070 would call for 17.9370 and 17.8950.

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 is trading above its 20 period moving average (18.0670) but under its 50 period moving average (18.0820).

Supports and resistances

18.2890 **

18.2480 *

18.2060 **

18.1650

18.0788 last

18.0340

18.0070 **

17.9370 *

17.8950 **

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