USD/ZAR may rise 983 - 1373 pips

Our pivot point stands at 17.4230.

Our preference

As long as 17.4230 is support look for 17.6260.

Alternative scenario

Below 17.4230, expect 17.3560 and 17.3170.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.4870 and 17.4770).

Supports and resistances

17.7060 **

17.6660 *

17.6260 **

17.5870

17.4887 last

17.4490

17.4230 **

17.3560 *

17.3170 **

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