USD/ZAR may rise 984 - 1404 pips

Our pivot point is at 17.5320.

Our preference

The upside prevails as long as 17.5320 is support.

Alternative scenario

The downside breakout of 17.5320 would call for 17.4610 and 17.4190.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.5590 and 17.5460).

Supports and resistances

17.8300 **

17.7870 *

17.7450 **

17.7030

17.6046 last

17.5600

17.5320 **

17.4610 *

17.4190 **

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