USD/ZAR may rise 1487 - 2037 pips

Our pivot point stands at 18.4580.

Our preference

The upside prevails as long as 18.4580 is support.

Alternative scenario

The downside breakout of 18.4580 would call for 18.3660 and 18.3120.

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 18.4910 and 18.5230).

Supports and resistances

18.8550 **

18.8010 *

18.7460 **

18.6910

18.5423 last

18.4940

18.4580 **

18.3660 *

18.3120 **

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