USD/ZAR may rise 1378 - 1918 pips

Our pivot point is at 18.4810.

Our preference

Rebound towards 18.7520.

Alternative scenario

The downside breakout of 18.4810 would call for 18.3910 and 18.3370.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.5990 and 18.6610).

Supports and resistances

18.8590 **

18.8050 *

18.7520 **

18.6980

18.5602 last

18.5160

18.4810 **

18.3910 *

18.3370 **

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