USD/ZAR may rise 1226 - 1786 pips

Our pivot point is at 18.7570.

Our preference

Rebound towards 19.0330.

Alternative scenario

The downside breakout of 18.7570 would call for 18.6620 and 18.6050.

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 stands above its 20 period moving average (18.8480) but below its 50 period moving average (18.8860).

Supports and resistances

19.1460 **

19.0900 *

19.0330 **

18.9770

18.8544 last

18.7940

18.7570 **

18.6620 *

18.6050 **

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