USD/ZAR may rise 1392 - 2082 pips

18.2840 is our pivot point.

Our preference

As long as 18.2840 is support look for 18.6050.

Alternative scenario

The downside breakout of 18.2840 would call for 18.1690 and 18.1010.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.3950 and 18.3700).

Supports and resistances

18.7420 **

18.6730 *

18.6050 **

18.5360

18.3968 last

18.3300

18.2840 **

18.1690 *

18.1010 **

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