USD/ZAR may rise 1145 - 1705 pips

Our pivot point stands at 18.6410.

Our preference

The upside prevails as long as 18.6410 is support.

Alternative scenario

Below 18.6410, expect 18.5470 and 18.4910.

Comment

The RSI is above its neutrality area at 50. 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 18.7000 and 18.6950). Finally, the USD/ZAR has crossed above its upper Bollinger band (18.7414).

Supports and resistances

19.0250 **

18.9690 *

18.9120 **

18.8560

18.7415 last

18.6780

18.6410 **

18.5470 *

18.4910 **

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