USD/ZAR may rise 1379 - 2069 pips

18.3260 is our pivot point.

Our preference

As long as 18.3260 is support look for 18.6470.

Alternative scenario

The downside breakout of 18.3260 would call for 18.2110 and 18.1420.

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 below its 20 period moving average (18.4510) but above its 50 period moving average (18.3700).

Supports and resistances

18.7840 **

18.7150 *

18.6470 **

18.5780

18.4401 last

18.3720

18.3260 **

18.2110 *

18.1420 **

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