7640839 7/12/2017 5:13 PM, ZAR FX Futures? (CME) intraday: the RSI is overbought


Our pivot point stands at 7.3175.


Our preference

: the upside prevails as long as 7.3175 is support.


Alternative scenario

: below 7.3175, expect 7.2825 and 7.2625.


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 above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 7.3111 and 7.3018).


Supports and resistances

:

7.4600 **

7.4400 *

7.4200 **

7.4000

7.3600 last

7.3300

7.3175 **

7.2825 *

7.2625 **