USD/ZAR may rise 1057 - 1557 pips

Our pivot point is at 17.7100.

Our preference

Rebound.

Alternative scenario

Below 17.7100, expect 17.6270 and 17.5770.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (17.7490) but under its 50 period moving average (17.8020).

Supports and resistances

18.0450 **

17.9950 *

17.9460 **

17.8960

17.7903 last

17.7420

17.7100 **

17.6270 *

17.5770 **

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