USD/ZAR may rise 1243 - 1783 pips

18.4370 is our pivot point.

Our preference

The upside prevails as long as 18.4370 is support.

Alternative scenario

Below 18.4370, expect 18.3470 and 18.2940.

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 trading above both its 20 and 50 period moving average (respectively at 18.4090 and 18.3920).

Supports and resistances

18.8010 **

18.7470 *

18.6940 **

18.6400

18.5157 last

18.4720

18.4370 **

18.3470 *

18.2940 **

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