USD/ZAR may rise 1317 - 1927 pips

Our pivot point stands at 18.1840.

Our preference

As long as 18.1840 is support look for 18.4620.

Alternative scenario

The downside breakout of 18.1840 would call for 18.0810 and 18.0200.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (18.2750) but above its 50 period moving average (18.2360).

Supports and resistances

18.5850 **

18.5230 *

18.4620 **

18.4010

18.2693 last

18.2250

18.1840 **

18.0810 *

18.0200 **

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