USD/ZAR may rise 1353 - 2003 pips

Our pivot point is at 17.9170.

Our preference

The upside prevails as long as 17.9170 is support.

Alternative scenario

The downside breakout of 17.9170 would call for 17.8090 and 17.7450.

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 above its 20 and 50 period moving average (respectively at 17.9950 and 17.9610).

Supports and resistances

18.3570 **

18.2920 *

18.2280 **

18.1630

18.0277 last

17.9600

17.9170 **

17.8090 *

17.7450 **

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