USD/ZAR may rise 1397 - 2087 pips

Our pivot point stands at 18.2450.

Our preference

The upside prevails as long as 18.2450 is support.

Alternative scenario

The downside breakout of 18.2450 would call for 18.1290 and 18.0600.

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 18.3050 and 18.2540).

Supports and resistances

18.6990 **

18.6300 *

18.5610 **

18.4920

18.3523 last

18.2910

18.2450 **

18.1290 *

18.0600 **

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