USD/ZAR may rise 877 - 1307 pips

Our pivot point stands at 17.6520.

Our preference

Our next up target stands at 17.8590.

Alternative scenario

The downside breakout of 17.6520 would call for 17.5790 and 17.5360.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.7240 and 17.7270).

Supports and resistances

17.9460 **

17.9030 *

17.8590 **

17.8160

17.7283 last

17.6800

17.6520 **

17.5790 *

17.5360 **

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