USD/ZAR may rise 832 - 1202 pips

17.5110 is our pivot point.

Our preference

The upside prevails as long as 17.5110 is support.

Alternative scenario

Below 17.5110, expect 17.4480 and 17.4100.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.5380 and 17.4680).

Supports and resistances

17.7710 **

17.7340 *

17.6960 **

17.6590

17.5758 last

17.5360

17.5110 **

17.4480 *

17.4100 **

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