USD/ZAR may rise to 19.3730 - 19.8110

Our pivot point stands at 17.7540.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.7540 would call for 17.0250 and 16.5900.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (18.4080) but below its 50 period moving average (18.5290).

Supports and resistances

20.6880 **

20.2490 *

19.8110 **

19.3730

18.4510 last

18.0410

17.7540 **

17.0250 *

16.5900 **

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