USD/ZAR may rise 907 - 1327 pips

Our pivot point stands at 17.7900.

Our preference

The upside prevails as long as 17.7900 is support.

Alternative scenario

The downside breakout of 17.7900 would call for 17.7190 and 17.6770.

Comment

The RSI is above 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 17.8140 and 17.7520).

Supports and resistances

18.0800 **

18.0370 *

17.9950 **

17.9530

17.8623 last

17.8180

17.7900 **

17.7190 *

17.6770 **

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