USD/ZAR may rise 986 - 1406 pips

Our pivot point stands at 17.9410.

Our preference

As long as 17.9410 is support look for 18.1450.

Alternative scenario

Below 17.9410, expect 17.8700 and 17.8270.

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 (18.0160) but above its 50 period moving average (17.9480).

Supports and resistances

18.2310 **

18.1880 *

18.1450 **

18.1030

18.0044 last

17.9700

17.9410 **

17.8700 *

17.8270 **

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