USD/ZAR may rise 940 - 1340 pips

17.5410 is our pivot point.

Our preference

As long as 17.5410 is support look for 17.7460.

Alternative scenario

The downside breakout of 17.5410 would call for 17.4730 and 17.4320.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (17.6130) but above its 50 period moving average (17.5890).

Supports and resistances

17.8270 **

17.7860 *

17.7460 **

17.7060

17.6120 last

17.5670

17.5410 **

17.4730 *

17.4320 **

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