USD/ZAR may rise 1068 - 1448 pips

Our pivot point stands at 17.5240.

Our preference

The upside prevails as long as 17.5240 is support.

Alternative scenario

Below 17.5240, expect 17.4610 and 17.4240.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.5120 and 17.4440).

Supports and resistances

17.7960 **

17.7580 *

17.7210 **

17.6830

17.5762 last

17.5490

17.5240 **

17.4610 *

17.4240 **

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