USD/ZAR may rise 1456 - 2146 pips

Our pivot point stands at 18.1750.

Our preference

Our next up target stands at 18.4900.

Alternative scenario

Below 18.1750, expect 18.0600 and 17.9920.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is below its 20 period moving average (18.2770) but above its 50 period moving average (18.2710).

Supports and resistances

18.6260 **

18.5580 *

18.4900 **

18.4210

18.2754 last

18.2200

18.1750 **

18.0600 *

17.9920 **

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