USD/ZAR may rise 1448 - 2128 pips

18.0440 is our pivot point.

Our preference

As long as 18.0440 is support look for 18.3560.

Alternative scenario

Below 18.0440, expect 17.9300 and 17.8620.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.1370 and 18.1290).

Supports and resistances

18.4920 **

18.4240 *

18.3560 **

18.2880

18.1432 last

18.0890

18.0440 **

17.9300 *

17.8620 **

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