USD/ZAR may rise to 18.0250 - 18.2850

Our pivot point stands at 16.9850.

Our preference

Rebound towards 18.2850.

Alternative scenario

The downside breakout of 16.9850 would call for 16.5540 and 16.2980.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (17.4520) but below its 50 period moving average (17.7820).

Supports and resistances

18.8030 **

18.5440 *

18.2850 **

18.0250

17.4913 last

17.1540

16.9850 **

16.5540 *

16.2980 **

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