USD/ZAR may rise 1420 - 2100 pips

17.9970 is our pivot point.

Our preference

As long as 17.9970 is support look for 18.3270.

Alternative scenario

Below 17.9970, expect 17.8830 and 17.8150.

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 18.1120 and 18.1050).

Supports and resistances

18.4630 **

18.3950 *

18.3270 **

18.2590

18.1170 last

18.0420

17.9970 **

17.8830 *

17.8150 **

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