USD/ZAR may rise to 19.3300 - 19.7590

Our pivot point stands at 17.7340.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.7340 would call for 17.0190 and 16.5940.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (18.2570) but below its 50 period moving average (18.3370).

Supports and resistances

20.6170 **

20.1880 *

19.7590 **

19.3300

18.3235 last

18.0140

17.7340 **

17.0190 *

16.5940 **

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