USD/ZAR may rise 1077 - 1617 pips

18.4700 is our pivot point.

Our preference

Rebound towards 18.7130.

Alternative scenario

The downside breakout of 18.4700 would call for 18.3800 and 18.3260.

Comment

The RSI is below 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 18.5660 and 18.6360).

Supports and resistances

18.8200 **

18.7670 *

18.7130 **

18.6590

18.5513 last

18.5050

18.4700 **

18.3800 *

18.3260 **

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