USD/ZAR may rise 1440 - 2080 pips

Our pivot point is at 17.8530.

Our preference

Rebound towards 18.1540.

Alternative scenario

The downside breakout of 17.8530 would call for 17.7450 and 17.6810.

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 above its 20 period moving average (17.9420) but below its 50 period moving average (17.9770).

Supports and resistances

18.2830 **

18.2190 *

18.1540 **

18.0900

17.9460 last

17.8950

17.8530 **

17.7450 *

17.6810 **

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