USD/ZAR may rise 1134 - 1664 pips

18.3210 is our pivot point.

Our preference

Rebound towards 18.5630.

Alternative scenario

The downside breakout of 18.3210 would call for 18.2310 and 18.1780.

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 stands above its 20 period moving average (18.3790) but below its 50 period moving average (18.4530).

Supports and resistances

18.6700 **

18.6170 *

18.5630 **

18.5100

18.3966 last

18.3560

18.3210 **

18.2310 *

18.1780 **

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