USD/ZAR may rise 807 - 1207 pips

Our pivot point stands at 17.4230.

Our preference

As long as 17.4230 is support look for 17.6100.

Alternative scenario

Below 17.4230, expect 17.3560 and 17.3170.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (17.4930) but above its 50 period moving average (17.4160).

Supports and resistances

17.6890 **

17.6490 *

17.6100 **

17.5700

17.4893 last

17.4490

17.4230 **

17.3560 *

17.3170 **

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