USD/ZAR may rise 1559 - 2249 pips

Our pivot point stands at 18.1360.

Our preference

The upside prevails as long as 18.1360 is support.

Alternative scenario

The downside breakout of 18.1360 would call for 18.0210 and 17.9520.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.2190 and 18.2030).

Supports and resistances

18.6020 **

18.5330 *

18.4650 **

18.3960

18.2401 last

18.1810

18.1360 **

18.0210 *

17.9520 **

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