USD/ZAR may rise 1418 - 2098 pips

18.1310 is our pivot point.

Our preference

The upside prevails as long as 18.1310 is support.

Alternative scenario

The downside breakout of 18.1310 would call for 18.0160 and 17.9480.

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 18.2070 and 18.1830). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 18.2347).

Supports and resistances

18.5830 **

18.5140 *

18.4460 **

18.3780

18.2362 last

18.1760

18.1310 **

18.0160 *

17.9480 **

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