USD/ZAR may rise 825 - 1235 pips

17.5230 is our pivot point.

Our preference

As long as 17.5230 is support look for 17.7390.

Alternative scenario

The downside breakout of 17.5230 would call for 17.4550 and 17.4150.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.6070 and 17.5780).

Supports and resistances

17.8200 **

17.7790 *

17.7390 **

17.6980

17.6155 last

17.5500

17.5230 **

17.4550 *

17.4150 **

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