USD/ZAR may rise 1372 - 2062 pips

18.0860 is our pivot point.

Our preference

As long as 18.0860 is support look for 18.3990.

Alternative scenario

The downside breakout of 18.0860 would call for 17.9710 and 17.9020.

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 trading above both its 20 and 50 period moving average (respectively at 18.1920 and 18.1700).

Supports and resistances

18.5360 **

18.4670 *

18.3990 **

18.3300

18.1928 last

18.1310

18.0860 **

17.9710 *

17.9020 **

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