USD/ZAR may rise 1170 - 1730 pips

18.8170 is our pivot point.

Our preference

As long as 18.8170 is support look for 19.0820.

Alternative scenario

The downside breakout of 18.8170 would call for 18.7220 and 18.6650.

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 price is above its 20 and 50 period moving average (respectively at 18.9060 and 18.9040).

Supports and resistances

19.1960 **

19.1390 *

19.0820 **

19.0260

18.9090 last

18.8540

18.8170 **

18.7220 *

18.6650 **

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