USD/ZAR may rise 1420 - 2100 pips

Our pivot point is at 17.9570.

Our preference

The upside prevails as long as 17.9570 is support.

Alternative scenario

Below 17.9570, expect 17.8430 and 17.7750.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.0080 and 17.9900).

Supports and resistances

18.4040 **

18.3360 *

18.2690 **

18.2010

18.0590 last

18.0020

17.9570 **

17.8430 *

17.7750 **

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