USD/ZAR may rise 781 - 1161 pips

Our pivot point stands at 17.3950.

Our preference

Our next up target stands at 17.5730.

Alternative scenario

The downside breakout of 17.3950 would call for 17.3320 and 17.2950.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.4040 and 17.4490).

Supports and resistances

17.6470 **

17.6100 *

17.5730 **

17.5350

17.4569 last

17.4190

17.3950 **

17.3320 *

17.2950 **

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