USD/ZAR may rise 846 - 1216 pips

17.5850 is our pivot point.

Our preference

As long as 17.5850 is support look for 17.7680.

Alternative scenario

The downside breakout of 17.5850 would call for 17.5220 and 17.4840.

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 17.6350 and 17.6010).

Supports and resistances

17.8440 **

17.8060 *

17.7680 **

17.7310

17.6464 last

17.6100

17.5850 **

17.5220 *

17.4840 **

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