USD/ZAR may rise 863 - 1273 pips

Our pivot point is at 17.5510.

Our preference

As long as 17.5510 is support look for 17.7450.

Alternative scenario

Below 17.5510, expect 17.4830 and 17.4420.

Comment

The RSI is above its neutrality area at 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 17.6150 and 17.6060).

Supports and resistances

17.8250 **

17.7850 *

17.7450 **

17.7040

17.6177 last

17.5770

17.5510 **

17.4830 *

17.4420 **

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