USD/ZAR may rise 1123 - 1653 pips

Our pivot point stands at 18.2600.

Our preference

Rebound towards 18.5170.

Alternative scenario

The downside breakout of 18.2600 would call for 18.1710 and 18.1180.

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 below its 20 and 50 period moving average (respectively at 18.3570 and 18.3750).

Supports and resistances

18.6230 **

18.5700 *

18.5170 **

18.4640

18.3517 last

18.2950

18.2600 **

18.1710 *

18.1180 **

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