USD/ZAR may rise 1191 - 1751 pips

Our pivot point stands at 18.0460.

Our preference

Rebound towards 18.3290.

Alternative scenario

Below 18.0460, expect 17.9530 and 17.8970.

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 18.1640 and 18.1990).

Supports and resistances

18.4400 **

18.3840 *

18.3290 **

18.2730

18.1539 last

18.0820

18.0460 **

17.9530 *

17.8970 **

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