USD/ZAR may rise 1163 - 1703 pips

18.3120 is our pivot point.

Our preference

The upside prevails as long as 18.3120 is support.

Alternative scenario

The downside breakout of 18.3120 would call for 18.2210 and 18.1670.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.3920 and 18.3750).

Supports and resistances

18.6760 **

18.6220 *

18.5670 **

18.5130

18.3967 last

18.3480

18.3120 **

18.2210 *

18.1670 **

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