USD/ZAR may rise 1405 - 2095 pips

Our pivot point stands at 18.2990.

Our preference

As long as 18.2990 is support look for 18.6050.

Alternative scenario

Below 18.2990, expect 18.1840 and 18.1150.

Comment

The RSI is above its neutrality area at 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 18.3950 and 18.3450).

Supports and resistances

18.7420 **

18.6740 *

18.6050 **

18.5360

18.3955 last

18.3440

18.2990 **

18.1840 *

18.1150 **

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