USD/ZAR may rise 912 - 1282 pips

17.5370 is our pivot point.

Our preference

As long as 17.5370 is support look for 17.7150.

Alternative scenario

Below 17.5370, expect 17.4740 and 17.4360.

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 17.5740 and 17.5330).

Supports and resistances

17.7910 **

17.7530 *

17.7150 **

17.6780

17.5868 last

17.5620

17.5370 **

17.4740 *

17.4360 **

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