USD/ZAR may rise 997 - 1427 pips

Our pivot point is at 17.9610.

Our preference

The upside prevails as long as 17.9610 is support.

Alternative scenario

The downside breakout of 17.9610 would call for 17.8890 and 17.8460.

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 above its 20 and 50 period moving average (respectively at 17.9870 and 17.9130).

Supports and resistances

18.2680 **

18.2250 *

18.1820 **

18.1390

18.0393 last

17.9890

17.9610 **

17.8890 *

17.8460 **

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