USD/ZAR ST: the upside prevails as long as 6.902 is support
26-May-11
05:06
Our pivot point stands at 6.902.
Our preference: the upside prevails as long as 6.902 is support.
Alternative scenario: below 6.902, expect 6.753 and 6.664.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (standing respectively at 6.8447 and 6.804).
Supports and resistances:
7.397 *
7.309 **
7.22
7.018 last
6.96
6.902 **
6.753 *
Ticker: ZAR
