USD/ZAR may rise 878 - 1288 pips

Our pivot point stands at 17.5440.

Our preference

The upside prevails as long as 17.5440 is support.

Alternative scenario

The downside breakout of 17.5440 would call for 17.4760 and 17.4360.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.6100 and 17.5910).

Supports and resistances

17.8270 **

17.7870 *

17.7470 **

17.7060

17.6182 last

17.5710

17.5440 **

17.4760 *

17.4360 **

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