USD/ZAR may rise 1416 - 2036 pips

Our pivot point stands at 18.4630.

Our preference

As long as 18.4630 is support look for 18.7540.

Alternative scenario

Below 18.4630, expect 18.3580 and 18.2960.

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 (18.5600) but above its 50 period moving average (18.4450).

Supports and resistances

18.8790 **

18.8170 *

18.7540 **

18.6920

18.5504 last

18.5040

18.4630 **

18.3580 *

18.2960 **

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