USD/ZAR may rise 870 - 1290 pips

Our pivot point is at 17.7520.

Our preference

As long as 17.7520 is support look for 17.9560.

Alternative scenario

Below 17.7520, expect 17.6810 and 17.6380.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (17.8300) but above its 50 period moving average (17.7680).

Supports and resistances

18.0410 **

17.9990 *

17.9560 **

17.9140

17.8270 last

17.7800

17.7520 **

17.6810 *

17.6380 **

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