USD/ZAR may rise 799 - 1179 pips

Our pivot point is at 17.5850.

Our preference

The upside prevails as long as 17.5850 is support.

Alternative scenario

Below 17.5850, expect 17.5220 and 17.4840.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.6170 and 17.5910).

Supports and resistances

17.8570 **

17.8200 *

17.7820 **

17.7440

17.6641 last

17.6100

17.5850 **

17.5220 *

17.4840 **

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