USD/ZAR may rise 1024 - 1454 pips

Our pivot point is at 17.7140.

Our preference

The upside prevails as long as 17.7140 is support.

Alternative scenario

The downside breakout of 17.7140 would call for 17.6430 and 17.6010.

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 17.7450 and 17.7420).

Supports and resistances

18.0110 **

17.9690 *

17.9270 **

17.8840

17.7816 last

17.7420

17.7140 **

17.6430 *

17.6010 **

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