USD/ZAR may rise 1424 - 2054 pips

Our pivot point is at 18.3480.

Our preference

The upside prevails as long as 18.3480 is support.

Alternative scenario

The downside breakout of 18.3480 would call for 18.2420 and 18.1790.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.4110 and 18.3280).

Supports and resistances

18.7920 **

18.7280 *

18.6650 **

18.6020

18.4596 last

18.3900

18.3480 **

18.2420 *

18.1790 **

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