USD/ZAR may rise 1028 - 1488 pips

Our pivot point stands at 18.6970.

Our preference

As long as 18.6970 is support look for 18.9260.

Alternative scenario

Below 18.6970, expect 18.6190 and 18.5730.

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 trading above both its 20 and 50 period moving average (respectively at 18.7640 and 18.7640).

Supports and resistances

19.0190 **

18.9720 *

18.9260 **

18.8800

18.7772 last

18.7280

18.6970 **

18.6190 *

18.5730 **

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