USD/ZAR may rise 931 - 1371 pips

Our pivot point stands at 17.7350.

Our preference

As long as 17.7350 is support look for 17.9530.

Alternative scenario

The downside breakout of 17.7350 would call for 17.6620 and 17.6190.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (17.8210) but above its 50 period moving average (17.7890).

Supports and resistances

18.0400 **

17.9960 *

17.9530 **

17.9090

17.8159 last

17.7640

17.7350 **

17.6620 *

17.6190 **

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