USD/ZAR may rise 931 - 1361 pips

17.5500 is our pivot point.

Our preference

The upside prevails as long as 17.5500 is support.

Alternative scenario

The downside breakout of 17.5500 would call for 17.4780 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 above its 20 and 50 period moving average (respectively at 17.6070 and 17.6110).

Supports and resistances

17.8380 **

17.7960 *

17.7530 **

17.7100

17.6169 last

17.5780

17.5500 **

17.4780 *

17.4360 **

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