USD/ZAR may rise 1376 - 2056 pips

Our pivot point stands at 17.9000.

Our preference

Our next up target stands at 18.2160.

Alternative scenario

The downside breakout of 17.9000 would call for 17.7860 and 17.7190.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.9850 and 17.9940).

Supports and resistances

18.3510 **

18.2830 *

18.2160 **

18.1480

18.0104 last

17.9440

17.9000 **

17.7860 *

17.7190 **

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