USD/ZAR may rise 1284 - 1904 pips

Our pivot point stands at 18.4590.

Our preference

As long as 18.4590 is support look for 18.7650.

Alternative scenario

Below 18.4590, expect 18.3550 and 18.2930.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.5510 and 18.3950).

Supports and resistances

18.8900 **

18.8270 *

18.7650 **

18.7030

18.5746 last

18.5000

18.4590 **

18.3550 *

18.2930 **

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