USD/ZAR may rise 1170 - 1700 pips

Our pivot point is at 18.5220.

Our preference

The upside prevails as long as 18.5220 is support.

Alternative scenario

Below 18.5220, expect 18.4320 and 18.3790.

Comment

The RSI is above 50. 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 18.5650 and 18.5920). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 18.6092).

Supports and resistances

18.9160 **

18.8620 *

18.8080 **

18.7550

18.6380 last

18.5580

18.5220 **

18.4320 *

18.3790 **

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