USD/ZAR may rise 899 - 1339 pips

Our pivot point stands at 17.7440.

Our preference

As long as 17.7440 is support look for 17.9530.

Alternative scenario

The downside breakout of 17.7440 would call for 17.6710 and 17.6270.

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 17.8170 and 17.7770).

Supports and resistances

18.0400 **

17.9960 *

17.9530 **

17.9090

17.8191 last

17.7720

17.7440 **

17.6710 *

17.6270 **

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