USD/ZAR may rise 1072 - 1512 pips

Our pivot point stands at 17.6880.

Our preference

The upside prevails as long as 17.6880 is support.

Alternative scenario

The downside breakout of 17.6880 would call for 17.6150 and 17.5720.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7310 and 17.7190).

Supports and resistances

17.9950 **

17.9520 *

17.9090 **

17.8650

17.7578 last

17.7160

17.6880 **

17.6150 *

17.5720 **

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