USD/ZAR may rise 1308 - 1868 pips

Our pivot point stands at 18.6510.

Our preference

The upside prevails as long as 18.6510 is support.

Alternative scenario

Below 18.6510, expect 18.5570 and 18.5010.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 18.6060 and 18.5770).

Supports and resistances

19.0480 **

18.9920 *

18.9360 **

18.8800

18.7492 last

18.6880

18.6510 **

18.5570 *

18.5010 **

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