USD/ZAR may rise 1148 - 1568 pips

Our pivot point stands at 17.7290.

Our preference

As long as 17.7290 is support look for 17.9450.

Alternative scenario

The downside breakout of 17.7290 would call for 17.6570 and 17.6150.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (17.7920) but above its 50 period moving average (17.6970).

Supports and resistances

18.0310 **

17.9880 *

17.9450 **

17.9030

17.7882 last

17.7570

17.7290 **

17.6570 *

17.6150 **

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