USD/ZAR may rise 906 - 1346 pips

Our pivot point stands at 17.6720.

Our preference

As long as 17.6720 is support look for 17.8890.

Alternative scenario

Below 17.6720, expect 17.5990 and 17.5560.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. 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

17.9750 **

17.9320 *

17.8890 **

17.8450

17.7544 last

17.7000

17.6720 **

17.5990 *

17.5560 **

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