USD/ZAR may rise 846 - 1246 pips

Our pivot point stands at 17.5540.

Our preference

The upside prevails as long as 17.5540 is support.

Alternative scenario

The downside breakout of 17.5540 would call for 17.4860 and 17.4460.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 17.6050 and 17.5900).

Supports and resistances

17.8400 **

17.8000 *

17.7590 **

17.7190

17.6344 last

17.5810

17.5540 **

17.4860 *

17.4460 **

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