USD/ZAR may rise 1501 - 2181 pips

17.9460 is our pivot point.

Our preference

Rebound towards 18.2610.

Alternative scenario

The downside breakout of 17.9460 would call for 17.8320 and 17.7640.

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 18.0670 and 18.1320).

Supports and resistances

18.3960 **

18.3280 *

18.2610 **

18.1930

18.0429 last

17.9910

17.9460 **

17.8320 *

17.7640 **

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