USD/ZAR may rise 1099 - 1639 pips

Our pivot point is at 18.3190.

Our preference

Rebound.

Alternative scenario

Below 18.3190, expect 18.2300 and 18.1770.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (18.3820) but below its 50 period moving average (18.4510). Finally, the USD/ZAR has crossed above its upper Bollinger band (18.4125).

Supports and resistances

18.6910 **

18.6380 *

18.5850 **

18.5310

18.4211 last

18.3540

18.3190 **

18.2300 *

18.1770 **

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