USD/ZAR may rise 1422 - 2112 pips

Our pivot point stands at 18.2110.

Our preference

The upside prevails as long as 18.2110 is support.

Alternative scenario

The downside breakout of 18.2110 would call for 18.0960 and 18.0280.

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 18.2760 and 18.2890).

Supports and resistances

18.6480 **

18.5800 *

18.5120 **

18.4430

18.3008 last

18.2560

18.2110 **

18.0960 *

18.0280 **

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