USD/ZAR may rise 1119 - 1659 pips

Our pivot point stands at 18.3120.

Our preference

The upside prevails as long as 18.3120 is support.

Alternative scenario

Below 18.3120, expect 18.2210 and 18.1670.

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 18.3760 and 18.3700).

Supports and resistances

18.7010 **

18.6470 *

18.5920 **

18.5380

18.4261 last

18.3480

18.3120 **

18.2210 *

18.1670 **

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