USD/ZAR may rise 1168 - 1738 pips

Our pivot point is at 18.7950.

Our preference

The upside prevails as long as 18.7950 is support.

Alternative scenario

The downside breakout of 18.7950 would call for 18.7000 and 18.6440.

Comment

The RSI is above 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 18.9050 and 18.9140). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 18.9478).

Supports and resistances

19.2680 **

19.2110 *

19.1540 **

19.0970

18.9802 last

18.8330

18.7950 **

18.7000 *

18.6440 **

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