USD/ZAR may rise 881 - 1291 pips

Our pivot point stands at 17.7900.

Our preference

Rebound towards 17.9810.

Alternative scenario

The downside breakout of 17.7900 would call for 17.7210 and 17.6800.

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 17.8770 and 17.9260).

Supports and resistances

18.0630 **

18.0220 *

17.9810 **

17.9400

17.8519 last

17.8170

17.7900 **

17.7210 *

17.6800 **

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