USD/ZAR may rise 894 - 1324 pips

17.7790 is our pivot point.

Our preference

The upside prevails as long as 17.7790 is support.

Alternative scenario

Below 17.7790, expect 17.7080 and 17.6660.

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 above its 20 and 50 period moving average (respectively at 17.8050 and 17.8160).

Supports and resistances

18.0660 **

18.0240 *

17.9820 **

17.9390

17.8496 last

17.8070

17.7790 **

17.7080 *

17.6660 **

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