USD/ZAR may rise 894 - 1334 pips

Our pivot point stands at 17.7540.

Our preference

The upside prevails as long as 17.7540 is support.

Alternative scenario

The downside breakout of 17.7540 would call for 17.6810 and 17.6370.

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 trading above both its 20 and 50 period moving average (respectively at 17.8030 and 17.7630).

Supports and resistances

18.0500 **

18.0060 *

17.9630 **

17.9190

17.8296 last

17.7830

17.7540 **

17.6810 *

17.6370 **

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