USD/ZAR may rise 1388 - 1958 pips

Our pivot point is at 18.7020.

Our preference

The upside prevails as long as 18.7020 is support.

Alternative scenario

Below 18.7020, expect 18.6080 and 18.5510.

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 above its 20 and 50 period moving average (respectively at 18.7200 and 18.7030). Finally, the USD/ZAR has crossed above its upper Bollinger band (18.8237).

Supports and resistances

19.1550 **

19.0980 *

19.0420 **

18.9850

18.8462 last

18.7390

18.7020 **

18.6080 *

18.5510 **

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