USD/ZAR may rise 942 - 1402 pips

Our pivot point is at 18.4880.

Our preference

Rebound.

Alternative scenario

Below 18.4880, expect 18.4110 and 18.3650.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (18.5250) but under its 50 period moving average (18.5990).

Supports and resistances

18.7910 **

18.7450 *

18.6990 **

18.6530

18.5588 last

18.5180

18.4880 **

18.4110 *

18.3650 **

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