USD/ZAR may rise 888 - 1328 pips

Our pivot point stands at 17.6720.

Our preference

As long as 17.6720 is support look for 17.8850.

Alternative scenario

The downside breakout of 17.6720 would call for 17.5990 and 17.5560.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7490 and 17.7230).

Supports and resistances

17.9720 **

17.9280 *

17.8850 **

17.8410

17.7522 last

17.7000

17.6720 **

17.5990 *

17.5560 **

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