USD/ZAR may rise 897 - 1297 pips

Our pivot point stands at 17.5650.

Our preference

As long as 17.5650 is support look for 17.7670.

Alternative scenario

The downside breakout of 17.5650 would call for 17.4970 and 17.4570.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.6330 and 17.6160).

Supports and resistances

17.8480 **

17.8080 *

17.7670 **

17.7270

17.6373 last

17.5920

17.5650 **

17.4970 *

17.4570 **

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