USD/ZAR may rise 1162 - 1712 pips

Our pivot point stands at 17.9960.

Our preference

Rebound towards 18.2500.

Alternative scenario

Below 17.9960, expect 17.9030 and 17.8480.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.1170 and 18.2300).

Supports and resistances

18.3610 **

18.3050 *

18.2500 **

18.1950

18.0788 last

18.0320

17.9960 **

17.9030 *

17.8480 **

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