USD/ZAR may rise 1211 - 1761 pips

Our pivot point stands at 18.1140.

Our preference

Rebound towards 18.3750.

Alternative scenario

Below 18.1140, expect 18.0210 and 17.9650.

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 is trading under both its 20 and 50 period moving average (respectively at 18.2040 and 18.3350).

Supports and resistances

18.4870 **

18.4310 *

18.3750 **

18.3200

18.1989 last

18.1510

18.1140 **

18.0210 *

17.9650 **

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