USD/ZAR may rise 1184 - 1754 pips

Our pivot point stands at 18.8390.

Our preference

As long as 18.8390 is support look for 19.1200.

Alternative scenario

The downside breakout of 18.8390 would call for 18.7440 and 18.6870.

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 18.9250 and 18.8000).

Supports and resistances

19.2340 **

19.1770 *

19.1200 **

19.0630

18.9446 last

18.8760

18.8390 **

18.7440 *

18.6870 **

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