USD/ZAR may rise 879 - 1299 pips

Our pivot point is at 17.6370.

Our preference

Rebound towards 17.8370.

Alternative scenario

The downside breakout of 17.6370 would call for 17.5660 and 17.5240.

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 above its 20 period moving average (17.7050) but under its 50 period moving average (17.7270).

Supports and resistances

17.9210 **

17.8790 *

17.8370 **

17.7950

17.7071 last

17.6640

17.6370 **

17.5660 *

17.5240 **

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