USD/ZAR may rise 1636 - 2316 pips

Our pivot point stands at 18.1020.

Our preference

As long as 18.1020 is support look for 18.4370.

Alternative scenario

The downside breakout of 18.1020 would call for 17.9880 and 17.9190.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (18.2190) but above its 50 period moving average (18.1250).

Supports and resistances

18.5740 **

18.5050 *

18.4370 **

18.3690

18.2054 last

18.1470

18.1020 **

17.9880 *

17.9190 **

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