USD/ZAR may rise 904 - 1324 pips

Our pivot point stands at 17.6730.

Our preference

Rebound towards 17.8690.

Alternative scenario

The downside breakout of 17.6730 would call for 17.6020 and 17.5600.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (17.7160) but under its 50 period moving average (17.8230).

Supports and resistances

17.9530 **

17.9110 *

17.8690 **

17.8270

17.7366 last

17.7010

17.6730 **

17.6020 *

17.5600 **

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