USD/ZAR may fall 889 - 1309 pips

Our pivot point is at 17.6110.

Our preference

As long as 17.6110 is resistance look for 17.4040.

Alternative scenario

The upside breakout of 17.6110, would call for 17.6810 and 17.7230.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.5400 and 17.5560).

Supports and resistances

17.7230 **

17.6810 *

17.6110 **

17.5840

17.5349 last

17.4460

17.4040 **

17.3630 *

17.3210 **

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