USD/ZAR may rise 1431 - 1971 pips

Our pivot point is at 18.3000.

Our preference

Our next up target stands at 18.5830.

Alternative scenario

The downside breakout of 18.3000 would call for 18.2090 and 18.1550.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.3720 and 18.3650).

Supports and resistances

18.6910 **

18.6370 *

18.5830 **

18.5290

18.3859 last

18.3360

18.3000 **

18.2090 *

18.1550 **

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