USD/ZAR may rise 1558 - 2228 pips

Our pivot point stands at 17.8770.

Our preference

Rebound towards 18.1990.

Alternative scenario

The downside breakout of 17.8770 would call for 17.7640 and 17.6970.

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 17.9830 and 17.9970).

Supports and resistances

18.3340 **

18.2670 *

18.1990 **

18.1320

17.9762 last

17.9220

17.8770 **

17.7640 *

17.6970 **

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