USD/ZAR may rise 1012 - 1442 pips

Our pivot point stands at 17.6670.

Our preference

Rebound.

Alternative scenario

Below 17.6670, expect 17.5950 and 17.5510.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (17.7170) but below its 50 period moving average (17.7300).

Supports and resistances

17.9590 **

17.9160 *

17.8720 **

17.8290

17.7278 last

17.6960

17.6670 **

17.5950 *

17.5510 **

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