USD/ZAR may rise 825 - 1205 pips

Our pivot point stands at 17.5120.

Our preference

The upside prevails as long as 17.5120 is support.

Alternative scenario

Below 17.5120, expect 17.4490 and 17.4110.

Comment

The RSI is above 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 17.5670 and 17.5290). Finally, the USD/ZAR has crossed above its upper Bollinger band (17.6057).

Supports and resistances

17.8130 **

17.7750 *

17.7380 **

17.7000

17.6175 last

17.5370

17.5120 **

17.4490 *

17.4110 **

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