USD/ZAR may rise 1535 - 2215 pips

18.0080 is our pivot point.

Our preference

Our next up target stands at 18.3350.

Alternative scenario

Below 18.0080, expect 17.8930 and 17.8260.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the pair is trading under its 20 period moving average (18.1150) but above its 50 period moving average (18.1110).

Supports and resistances

18.4710 **

18.4030 *

18.3350 **

18.2670

18.1135 last

18.0520

18.0080 **

17.8930 *

17.8260 **

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