USD/ZAR may rise 927 - 1337 pips

Our pivot point is at 17.6450.

Our preference

Rebound towards 17.8500.

Alternative scenario

Below 17.6450, expect 17.5770 and 17.5360.

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 above its 20 period moving average (17.7010) but below its 50 period moving average (17.7610).

Supports and resistances

17.9310 **

17.8900 *

17.8500 **

17.8090

17.7163 last

17.6720

17.6450 **

17.5770 *

17.5360 **

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