USD/ZAR may rise 1447 - 2087 pips

Our pivot point stands at 18.5050.

Our preference

As long as 18.5050 is support look for 18.8130.

Alternative scenario

The downside breakout of 18.5050 would call for 18.3980 and 18.3340.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.5790 and 18.4680).

Supports and resistances

18.9400 **

18.8770 *

18.8130 **

18.7490

18.6043 last

18.5470

18.5050 **

18.3980 *

18.3340 **

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