USD/ZAR may rise 897 - 1317 pips

Our pivot point stands at 17.6490.

Our preference

Rebound towards 17.8480.

Alternative scenario

Below 17.6490, expect 17.5790 and 17.5370.

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 stands above its 20 period moving average (17.7130) but below its 50 period moving average (17.8330).

Supports and resistances

17.9320 **

17.8900 *

17.8480 **

17.8060

17.7163 last

17.6770

17.6490 **

17.5790 *

17.5370 **

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