USD/ZAR may rise 896 - 1306 pips

Our pivot point stands at 17.9230.

Our preference

Rebound towards 18.1170.

Alternative scenario

The downside breakout of 17.9230 would call for 17.8540 and 17.8120.

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 is trading under both its 20 and 50 period moving average (respectively at 17.9950 and 18.0170).

Supports and resistances

18.2000 **

18.1580 *

18.1170 **

18.0760

17.9864 last

17.9500

17.9230 **

17.8540 *

17.8120 **

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