USD/ZAR may rise 1227 - 1687 pips

18.0880 is our pivot point.

Our preference

The upside prevails as long as 18.0880 is support.

Alternative scenario

The downside breakout of 18.0880 would call for 18.0110 and 17.9660.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.1040 and 18.0920).

Supports and resistances

18.4220 **

18.3760 *

18.3310 **

18.2850

18.1623 last

18.1190

18.0880 **

18.0110 *

17.9660 **

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