USD/ZAR may rise 1119 - 1649 pips

Our pivot point stands at 18.1580.

Our preference

Rebound towards 18.4030.

Alternative scenario

The downside breakout of 18.1580 would call for 18.0700 and 18.0170.

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 18.2520 and 18.2900).

Supports and resistances

18.5080 **

18.4550 *

18.4030 **

18.3500

18.2381 last

18.1930

18.1580 **

18.0700 *

18.0170 **

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