USD/ZAR may rise to 19.3460 - 19.7250

Our pivot point stands at 17.8950.

Our preference

The upside prevails as long as 17.8950 is support.

Alternative scenario

The downside breakout of 17.8950 would call for 17.2640 and 16.8890.

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 18.2600 and 18.3380).

Supports and resistances

20.4830 **

20.1040 *

19.7250 **

19.3460

18.5139 last

18.1420

17.8950 **

17.2640 *

16.8890 **

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