USD/ZAR may rise 857 - 1287 pips

Our pivot point stands at 17.8030.

Our preference

The upside prevails as long as 17.8030 is support.

Alternative scenario

Below 17.8030, expect 17.7320 and 17.6890.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 17.8250 and 17.7590).

Supports and resistances

18.0840 **

18.0410 *

17.9990 **

17.9560

17.8703 last

17.8310

17.8030 **

17.7320 *

17.6890 **

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