USD/ZAR may rise 1407 - 2087 pips

Our pivot point stands at 18.3260.

Our preference

As long as 18.3260 is support look for 18.6440.

Alternative scenario

Below 18.3260, expect 18.2100 and 18.1410.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (18.4360) but above its 50 period moving average (18.3460).

Supports and resistances

18.7820 **

18.7130 *

18.6440 **

18.5760

18.4353 last

18.3710

18.3260 **

18.2100 *

18.1410 **

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