USD/ZAR may rise 933 - 1353 pips

Our pivot point stands at 17.6440.

Our preference

Rebound towards 17.8350.

Alternative scenario

The downside breakout of 17.6440 would call for 17.5740 and 17.5320.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 17.7130 and 17.8380).

Supports and resistances

17.9190 **

17.8770 *

17.8350 **

17.7930

17.6997 last

17.6720

17.6440 **

17.5740 *

17.5320 **

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