USD/ZAR may rise 771 - 1141 pips

Our pivot point stands at 17.4590.

Our preference

The upside prevails as long as 17.4590 is support.

Alternative scenario

Below 17.4590, expect 17.3960 and 17.3580.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.4550 and 17.4350). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 17.5104).

Supports and resistances

17.7000 **

17.6630 *

17.6250 **

17.5880

17.5109 last

17.4830

17.4590 **

17.3960 *

17.3580 **

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