USD/ZAR may rise 861 - 1261 pips

Our pivot point stands at 17.5810.

Our preference

The upside prevails as long as 17.5810 is support.

Alternative scenario

The downside breakout of 17.5810 would call for 17.5140 and 17.4740.

Comment

The RSI is above its neutrality area at 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 17.6300 and 17.6160).

Supports and resistances

17.8590 **

17.8190 *

17.7780 **

17.7380

17.6519 last

17.6070

17.5810 **

17.5140 *

17.4740 **

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