USD/ZAR may rise 802 - 1172 pips

17.3760 is our pivot point.

Our preference

The upside prevails as long as 17.3760 is support.

Alternative scenario

The downside breakout of 17.3760 would call for 17.3130 and 17.2760.

Comment

The RSI is above 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 17.4430 and 17.4300).

Supports and resistances

17.6400 **

17.6020 *

17.5650 **

17.5280

17.4478 last

17.4000

17.3760 **

17.3130 *

17.2760 **

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