USD/ZAR may rise 939 - 1369 pips

17.6470 is our pivot point.

Our preference

Rebound towards 17.8570.

Alternative scenario

Below 17.6470, expect 17.5740 and 17.5310.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (17.7160) but below its 50 period moving average (17.7280).

Supports and resistances

17.9440 **

17.9010 *

17.8570 **

17.8140

17.7201 last

17.6750

17.6470 **

17.5740 *

17.5310 **

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