USD/ZAR may rise 1068 - 1488 pips

Our pivot point is at 17.6430.

Our preference

Our next up target stands at 17.8790.

Alternative scenario

The downside breakout of 17.6430 would call for 17.5730 and 17.5310.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7120 and 17.7290).

Supports and resistances

17.9630 **

17.9210 *

17.8790 **

17.8370

17.7302 last

17.6710

17.6430 **

17.5730 *

17.5310 **

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