USD/ZAR may rise 1077 - 1517 pips

Our pivot point is at 17.6660.

Our preference

The upside prevails as long as 17.6660 is support.

Alternative scenario

The downside breakout of 17.6660 would call for 17.5930 and 17.5500.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7170 and 17.7300).

Supports and resistances

17.9700 **

17.9270 *

17.8840 **

17.8400

17.7323 last

17.6950

17.6660 **

17.5930 *

17.5500 **

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