USD/ZAR may rise 923 - 1353 pips

Our pivot point is at 17.7880.

Our preference

The upside prevails as long as 17.7880 is support.

Alternative scenario

Below 17.7880, expect 17.7170 and 17.6740.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.8470 and 17.8270).

Supports and resistances

18.0890 **

18.0470 *

18.0050 **

17.9620

17.8697 last

17.8160

17.7880 **

17.7170 *

17.6740 **

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