USD/ZAR may rise 971 - 1391 pips

17.6640 is our pivot point.

Our preference

Rebound towards 17.8700.

Alternative scenario

The downside breakout of 17.6640 would call for 17.5940 and 17.5520.

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 17.7400 and 17.8780).

Supports and resistances

17.9540 **

17.9120 *

17.8700 **

17.8280

17.7309 last

17.6920

17.6640 **

17.5940 *

17.5520 **

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