USD/ZAR may rise 935 - 1395 pips

Our pivot point is at 18.3230.

Our preference

As long as 18.3230 is support look for 18.5380.

Alternative scenario

The downside breakout of 18.3230 would call for 18.2460 and 18.2010.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.3690 and 18.3180).

Supports and resistances

18.6290 **

18.5830 *

18.5380 **

18.4920

18.3985 last

18.3530

18.3230 **

18.2460 *

18.2010 **

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