USD/ZAR may rise 1013 - 1513 pips

Our pivot point is at 17.6730.

Our preference

Our next up target stands at 17.8990.

Alternative scenario

Below 17.6730, expect 17.5900 and 17.5410.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7400 and 17.7470).

Supports and resistances

17.9970 **

17.9480 *

17.8990 **

17.8490

17.7477 last

17.7050

17.6730 **

17.5900 *

17.5410 **

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