USD/ZAR may rise 1415 - 2105 pips

18.0990 is our pivot point.

Our preference

As long as 18.0990 is support look for 18.4150.

Alternative scenario

Below 18.0990, expect 17.9840 and 17.9160.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (18.2060) but above its 50 period moving average (18.1590).

Supports and resistances

18.5510 **

18.4830 *

18.4150 **

18.3460

18.2045 last

18.1440

18.0990 **

17.9840 *

17.9160 **

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