USD/ZAR may rise 1747 - 2377 pips

Our pivot point stands at 18.5300.

Our preference

The upside prevails as long as 18.5300 is support.

Alternative scenario

Below 18.5300, expect 18.4250 and 18.3630.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.4330 and 18.3130).

Supports and resistances

18.9980 **

18.9350 *

18.8730 **

18.8100

18.6353 last

18.5710

18.5300 **

18.4250 *

18.3630 **

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