USD/ZAR may rise 829 - 1229 pips

Our pivot point stands at 17.5890.

Our preference

The upside prevails as long as 17.5890 is support.

Alternative scenario

Below 17.5890, expect 17.5210 and 17.4810.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.6170 and 17.5940).

Supports and resistances

17.8620 **

17.8220 *

17.7810 **

17.7410

17.6581 last

17.6160

17.5890 **

17.5210 *

17.4810 **

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