USD/ZAR may rise 1420 - 2110 pips

Our pivot point is at 18.2980.

Our preference

As long as 18.2980 is support look for 18.6100.

Alternative scenario

Below 18.2980, expect 18.1830 and 18.1140.

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 pair is trading under its 20 period moving average (18.4010) but above its 50 period moving average (18.3260).

Supports and resistances

18.7470 **

18.6790 *

18.6100 **

18.5410

18.3990 last

18.3440

18.2980 **

18.1830 *

18.1140 **

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