USD/ZAR may rise 866 - 1276 pips

Our pivot point stands at 17.5530.

Our preference

As long as 17.5530 is support look for 17.7750.

Alternative scenario

The downside breakout of 17.5530 would call for 17.4860 and 17.4450.

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 17.6370 and 17.6120).

Supports and resistances

17.8560 **

17.8150 *

17.7750 **

17.7340

17.6474 last

17.5800

17.5530 **

17.4860 *

17.4450 **

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