USD/ZAR may rise 824 - 1194 pips

Our pivot point stands at 17.6010.

Our preference

As long as 17.6010 is support look for 17.7750.

Alternative scenario

The downside breakout of 17.6010 would call for 17.5370 and 17.5000.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.6480 and 17.6200).

Supports and resistances

17.8510 **

17.8130 *

17.7750 **

17.7380

17.6556 last

17.6260

17.6010 **

17.5370 *

17.5000 **

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