USD/ZAR may rise 971 - 1391 pips

Our pivot point stands at 17.6440.

Our preference

Rebound towards 17.8430.

Alternative scenario

Below 17.6440, expect 17.5740 and 17.5320.

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 below its 20 and 50 period moving average (respectively at 17.7040 and 17.7290).

Supports and resistances

17.9270 **

17.8850 *

17.8430 **

17.8010

17.7039 last

17.6720

17.6440 **

17.5740 *

17.5320 **

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