USD/ZAR may rise 987 - 1397 pips

Our pivot point stands at 17.9920.

Our preference

Rebound towards 18.2030.

Alternative scenario

The downside breakout of 17.9920 would call for 17.9220 and 17.8810.

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 is trading under both its 20 and 50 period moving average (respectively at 18.0700 and 18.0780).

Supports and resistances

18.2860 **

18.2450 *

18.2030 **

18.1620

18.0633 last

18.0190

17.9920 **

17.9220 *

17.8810 **

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