USD/ZAR may rise 1426 - 2106 pips

Our pivot point is at 18.0380.

Our preference

As long as 18.0380 is support look for 18.3530.

Alternative scenario

Below 18.0380, expect 17.9230 and 17.8550.

Comment

The RSI is above its neutrality area at 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 18.1390 and 18.1360).

Supports and resistances

18.4890 **

18.4210 *

18.3530 **

18.2850

18.1424 last

18.0830

18.0380 **

17.9230 *

17.8550 **

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