USD/ZAR may rise 858 - 1268 pips

Our pivot point stands at 17.6680.

Our preference

Rebound.

Alternative scenario

Below 17.6680, expect 17.6000 and 17.5590.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (17.7050) but below its 50 period moving average (17.7570).

Supports and resistances

17.9380 **

17.8970 *

17.8570 **

17.8160

17.7302 last

17.6950

17.6680 **

17.6000 *

17.5590 **

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