USD/ZAR may rise 857 - 1267 pips

Our pivot point is at 17.5770.

Our preference

The upside prevails as long as 17.5770 is support.

Alternative scenario

The downside breakout of 17.5770 would call for 17.5090 and 17.4680.

Comment

The RSI is above 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 17.6080 and 17.6200).

Supports and resistances

17.8520 **

17.8110 *

17.7710 **

17.7300

17.6443 last

17.6030

17.5770 **

17.5090 *

17.4680 **

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