USD/ZAR may rise to 19.3460 - 19.8210

Our pivot point is at 17.6040.

Our preference

Rebound.

Alternative scenario

Below 17.6040, expect 16.8120 and 16.3410.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (18.1830) but under its 50 period moving average (18.3660).

Supports and resistances

20.7720 **

20.2970 *

19.8210 **

19.3460

18.3538 last

17.9150

17.6040 **

16.8120 *

16.3410 **

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