USD/ZAR may rise 838 - 1248 pips

17.5670 is our pivot point.

Our preference

The upside prevails as long as 17.5670 is support.

Alternative scenario

The downside breakout of 17.5670 would call for 17.4990 and 17.4580.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.6230 and 17.6190).

Supports and resistances

17.8460 **

17.8050 *

17.7650 **

17.7240

17.6402 last

17.5930

17.5670 **

17.4990 *

17.4580 **

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