USD/ZAR may rise 986 - 1386 pips

Our pivot point is at 17.5850.

Our preference

The upside prevails as long as 17.5850 is support.

Alternative scenario

Below 17.5850, expect 17.5170 and 17.4760.

Comment

The RSI is above its neutrality area at 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 17.6180 and 17.5980).

Supports and resistances

17.8730 **

17.8330 *

17.7920 **

17.7520

17.6534 last

17.6110

17.5850 **

17.5170 *

17.4760 **

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