USD/ZAR may fall 961 - 1391 pips

Our pivot point is at 17.8870.

Our preference

As long as 17.8870 is resistance look for 17.6740.

Alternative scenario

Above 17.8870, look for 17.9580 and 18.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price is trading above its 20 period moving average (17.8120) but under its 50 period moving average (17.8180).

Supports and resistances

18.0000 **

17.9580 *

17.8870 **

17.8590

17.8131 last

17.7170

17.6740 **

17.6320 *

17.5900 **

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