USD/ZAR may rise 798 - 1178 pips

17.5220 is our pivot point.

Our preference

As long as 17.5220 is support look for 17.6960.

Alternative scenario

The downside breakout of 17.5220 would call for 17.4590 and 17.4210.

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 above its 20 and 50 period moving average (respectively at 17.5750 and 17.4970).

Supports and resistances

17.7710 **

17.7340 *

17.6960 **

17.6580

17.5782 last

17.5470

17.5220 **

17.4590 *

17.4210 **

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