USD/ZAR may rise 1441 - 2071 pips

Our pivot point is at 18.4210.

Our preference

As long as 18.4210 is support look for 18.7290.

Alternative scenario

The downside breakout of 18.4210 would call for 18.3170 and 18.2550.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (18.5310) but above its 50 period moving average (18.4740).

Supports and resistances

18.8530 **

18.7910 *

18.7290 **

18.6660

18.5219 last

18.4620

18.4210 **

18.3170 *

18.2550 **

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