USD/ZAR may rise 938 - 1368 pips

Our pivot point stands at 17.7110.

Our preference

As long as 17.7110 is support look for 17.9200.

Alternative scenario

Below 17.7110, expect 17.6390 and 17.5960.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (17.8000) but above its 50 period moving average (17.6660).

Supports and resistances

18.0050 **

17.9620 *

17.9200 **

17.8770

17.7832 last

17.7390

17.7110 **

17.6390 *

17.5960 **

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