USD/ZAR may rise 1208 - 1768 pips

18.8480 is our pivot point.

Our preference

As long as 18.8480 is support look for 19.1100.

Alternative scenario

The downside breakout of 18.8480 would call for 18.7520 and 18.6960.

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 trading above both its 20 and 50 period moving average (respectively at 18.9290 and 18.9280).

Supports and resistances

19.2240 **

19.1670 *

19.1100 **

19.0540

18.9332 last

18.8850

18.8480 **

18.7520 *

18.6960 **

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