USD/ZAR may rise 1441 - 2131 pips

Our pivot point is at 18.3540.

Our preference

As long as 18.3540 is support look for 18.6670.

Alternative scenario

The downside breakout of 18.3540 would call for 18.2380 and 18.1700.

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 above its 20 and 50 period moving average (respectively at 18.4400 and 18.3970).

Supports and resistances

18.8050 **

18.7360 *

18.6670 **

18.5980

18.4539 last

18.4000

18.3540 **

18.2380 *

18.1700 **

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