USD/ZAR may rise 872 - 1242 pips

Our pivot point stands at 17.4960.

Our preference

As long as 17.4960 is support look for 17.6820.

Alternative scenario

The downside breakout of 17.4960 would call for 17.4330 and 17.3950.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (17.5620) but above its 50 period moving average (17.4810).

Supports and resistances

17.7570 **

17.7200 *

17.6820 **

17.6450

17.5578 last

17.5210

17.4960 **

17.4330 *

17.3950 **

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