USD/ZAR may fall 1141 - 1701 pips

Our pivot point stands at 18.9590.

Our preference

As long as 18.9590 is resistance look for 18.6900.

Alternative scenario

The upside breakout of 18.9590, would call for 19.0540 and 19.1110.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.8670 and 18.8710).

Supports and resistances

19.1110 **

19.0540 *

18.9590 **

18.9220

18.8601 last

18.7460

18.6900 **

18.6330 *

18.5770 **

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