USD/ZAR may rise 894 - 1324 pips

Our pivot point stands at 17.6850.

Our preference

The upside prevails as long as 17.6850 is support.

Alternative scenario

The downside breakout of 17.6850 would call for 17.6130 and 17.5690.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.7500 and 17.7380).

Supports and resistances

17.9910 **

17.9480 *

17.9040 **

17.8610

17.7716 last

17.7140

17.6850 **

17.6130 *

17.5690 **

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