USD/ZAR may rise to 19.0960 - 19.5680

Our pivot point stands at 17.4330.

Our preference

Rebound towards 19.5680.

Alternative scenario

The downside breakout of 17.4330 would call for 16.6440 and 16.1750.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 18.3620 and 18.5060).

Supports and resistances

20.5120 **

20.0400 *

19.5680 **

19.0960

18.0875 last

17.7430

17.4330 **

16.6440 *

16.1750 **

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