USD/ZAR may rise 893 - 1273 pips

Our pivot point stands at 17.5170.

Our preference

As long as 17.5170 is support look for 17.7080.

Alternative scenario

The downside breakout of 17.5170 would call for 17.4540 and 17.4160.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.5640 and 17.4890).

Supports and resistances

17.7830 **

17.7460 *

17.7080 **

17.6700

17.5807 last

17.5420

17.5170 **

17.4540 *

17.4160 **

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