USD/ZAR may rise 921 - 1381 pips

Our pivot point stands at 18.4500.

Our preference

Rebound towards 18.6580.

Alternative scenario

The downside breakout of 18.4500 would call for 18.3730 and 18.3280.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (18.5170) but under its 50 period moving average (18.6460).

Supports and resistances

18.7500 **

18.7040 *

18.6580 **

18.6120

18.5199 last

18.4800

18.4500 **

18.3730 *

18.3280 **

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