USD/ZAR may rise 1192 - 1752 pips

Our pivot point stands at 18.8380.

Our preference

As long as 18.8380 is support look for 19.1110.

Alternative scenario

Below 18.8380, expect 18.7430 and 18.6860.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (18.9370) but above its 50 period moving average (18.8300).

Supports and resistances

19.2250 **

19.1680 *

19.1110 **

19.0550

18.9358 last

18.8750

18.8380 **

18.7430 *

18.6860 **

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