USD/ZAR may rise 1245 - 1855 pips

18.1260 is our pivot point.

Our preference

Our next up target stands at 18.4350.

Alternative scenario

The downside breakout of 18.1260 would call for 18.0230 and 17.9620.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.1990 and 18.2050).

Supports and resistances

18.5580 **

18.4970 *

18.4350 **

18.3740

18.2495 last

18.1660

18.1260 **

18.0230 *

17.9620 **

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