USD/ZAR may rise 1447 - 2057 pips

Our pivot point is at 18.1490.

Our preference

The upside prevails as long as 18.1490 is support.

Alternative scenario

The downside breakout of 18.1490 would call for 18.0470 and 17.9850.

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 18.2150 and 18.2110). Finally, the USD/ZAR has crossed above its upper Bollinger band (18.2513).

Supports and resistances

18.5810 **

18.5200 *

18.4580 **

18.3970

18.2523 last

18.1900

18.1490 **

18.0470 *

17.9850 **

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