USD/ZAR may rise 1154 - 1714 pips

Our pivot point is at 18.2780.

Our preference

As long as 18.2780 is support look for 18.5300.

Alternative scenario

The downside breakout of 18.2780 would call for 18.1830 and 18.1270.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.3300 and 18.1700).

Supports and resistances

18.6420 **

18.5860 *

18.5300 **

18.4740

18.3586 last

18.3150

18.2780 **

18.1830 *

18.1270 **

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