USD/ZAR may rise 906 - 1316 pips

Our pivot point stands at 17.6730.

Our preference

As long as 17.6730 is support look for 17.8740.

Alternative scenario

The downside breakout of 17.6730 would call for 17.6040 and 17.5640.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.7190 and 17.6680).

Supports and resistances

17.9550 **

17.9140 *

17.8740 **

17.8330

17.7424 last

17.6990

17.6730 **

17.6040 *

17.5640 **

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