USD/ZAR may rise 1256 - 1786 pips

Our pivot point is at 18.1750.

Our preference

Rebound.

Alternative scenario

Below 18.1750, expect 18.0870 and 18.0340.

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 call for further upside. Moreover, the price stands above its 20 period moving average (18.2480) but below its 50 period moving average (18.2700).

Supports and resistances

18.5520 **

18.4990 *

18.4470 **

18.3940

18.2684 last

18.2100

18.1750 **

18.0870 *

18.0340 **

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