USD/ZAR may rise 849 - 1259 pips

Our pivot point stands at 17.5450.

Our preference

Our next up target stands at 17.7480.

Alternative scenario

Below 17.5450, expect 17.4770 and 17.4370.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.5930 and 17.6170).

Supports and resistances

17.8280 **

17.7880 *

17.7480 **

17.7070

17.6221 last

17.5710

17.5450 **

17.4770 *

17.4370 **

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