USD/ZAR may rise 994 - 1404 pips

Our pivot point stands at 17.6550.

Our preference

Rebound towards 17.8580.

Alternative scenario

The downside breakout of 17.6550 would call for 17.5870 and 17.5460.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (17.7130) but under its 50 period moving average (17.7780).

Supports and resistances

17.9390 **

17.8990 *

17.8580 **

17.8170

17.7176 last

17.6820

17.6550 **

17.5870 *

17.5460 **

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