USD/ZAR may rise to 18.2280 - 18.5090

Our pivot point stands at 17.1560.

Our preference

Rebound.

Alternative scenario

Below 17.1560, expect 16.6880 and 16.4100.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (17.4110) but below its 50 period moving average (17.7030).

Supports and resistances

19.0700 **

18.7900 *

18.5090 **

18.2280

17.6228 last

17.3400

17.1560 **

16.6880 *

16.4100 **

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