USD/ZAR may rise 995 - 1425 pips

Our pivot point is at 17.7180.

Our preference

As long as 17.7180 is support look for 17.9300.

Alternative scenario

The downside breakout of 17.7180 would call for 17.6460 and 17.6040.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.7570 and 17.6290).

Supports and resistances

18.0150 **

17.9730 *

17.9300 **

17.8870

17.7875 last

17.7460

17.7180 **

17.6460 *

17.6040 **

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