USD/ZAR may rise to 19.4490 - 19.8370

Our pivot point stands at 17.9900.

Our preference

Our next up target stands at 19.8370.

Alternative scenario

The downside breakout of 17.9900 would call for 17.3450 and 16.9610.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.3990 and 18.6490).

Supports and resistances

20.6120 **

20.2240 *

19.8370 **

19.4490

18.6532 last

18.2430

17.9900 **

17.3450 *

16.9610 **

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