USD/ZAR may rise 1014 - 1444 pips

Our pivot point stands at 17.7030.

Our preference

As long as 17.7030 is support look for 17.9180.

Alternative scenario

Below 17.7030, expect 17.6310 and 17.5880.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (17.7890) but above its 50 period moving average (17.7060).

Supports and resistances

18.0040 **

17.9610 *

17.9180 **

17.8750

17.7736 last

17.7320

17.7030 **

17.6310 *

17.5880 **

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