USD/ZAR may rise 937 - 1367 pips

Our pivot point stands at 17.6460.

Our preference

Rebound towards 17.8450.

Alternative scenario

Below 17.6460, expect 17.5750 and 17.5330.

Comment

The RSI is below 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 (17.7080) but under its 50 period moving average (17.7270).

Supports and resistances

17.9290 **

17.8870 *

17.8450 **

17.8020

17.7083 last

17.6740

17.6460 **

17.5750 *

17.5330 **

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