USD/ZAR may rise 1156 - 1686 pips

Our pivot point is at 18.3570.

Our preference

The upside prevails as long as 18.3570 is support.

Alternative scenario

The downside breakout of 18.3570 would call for 18.2680 and 18.2150.

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 18.4270 and 18.4190). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 18.4561).

Supports and resistances

18.7320 **

18.6790 *

18.6260 **

18.5730

18.4574 last

18.3920

18.3570 **

18.2680 *

18.2150 **

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