USD/ZAR may rise 916 - 1336 pips

17.7190 is our pivot point.

Our preference

The upside prevails as long as 17.7190 is support.

Alternative scenario

Below 17.7190, expect 17.6480 and 17.6060.

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 trading above both its 20 and 50 period moving average (respectively at 17.7400 and 17.7940). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 17.8024).

Supports and resistances

18.0290 **

17.9870 *

17.9440 **

17.9020

17.8104 last

17.7470

17.7190 **

17.6480 *

17.6060 **

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