USD/ZAR may rise 1059 - 1579 pips

18.1680 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 18.1680, expect 18.0800 and 18.0270.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (18.2470) but below its 50 period moving average (18.2770).

Supports and resistances

18.5210 **

18.4680 *

18.4150 **

18.3630

18.2571 last

18.2030

18.1680 **

18.0800 *

18.0270 **

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