USD/ZAR may rise 934 - 1394 pips

Our pivot point is at 18.4680.

Our preference

Rebound towards 18.6770.

Alternative scenario

The downside breakout of 18.4680 would call for 18.3910 and 18.3450.

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 (18.6130).

Supports and resistances

18.7680 **

18.7230 *

18.6770 **

18.6310

18.5376 last

18.4980

18.4680 **

18.3910 *

18.3450 **

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