USD/ZAR may rise 825 - 1195 pips

Our pivot point stands at 17.5000.

Our preference

As long as 17.5000 is support look for 17.6880.

Alternative scenario

The downside breakout of 17.5000 would call for 17.4370 and 17.3990.

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 17.5060).

Supports and resistances

17.7630 **

17.7260 *

17.6880 **

17.6510

17.5685 last

17.5240

17.5000 **

17.4370 *

17.3990 **

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