USD/ZAR may rise 1284 - 1824 pips

Our pivot point is at 18.4440.

Our preference

The upside prevails as long as 18.4440 is support.

Alternative scenario

The downside breakout of 18.4440 would call for 18.3530 and 18.2980.

Comment

The RSI is above its neutrality area at 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 18.4830 and 18.5230).

Supports and resistances

18.8380 **

18.7830 *

18.7280 **

18.6740

18.5456 last

18.4800

18.4440 **

18.3530 *

18.2980 **

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