USD/ZAR may rise 1218 - 1778 pips

Our pivot point stands at 18.1840.

Our preference

The upside prevails as long as 18.1840 is support.

Alternative scenario

The downside breakout of 18.1840 would call for 18.0900 and 18.0340.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.2460 and 18.2150).

Supports and resistances

18.5680 **

18.5120 *

18.4560 **

18.4000

18.2782 last

18.2210

18.1840 **

18.0900 *

18.0340 **

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