USD/ZAR may rise to 18.6020 - 18.9470

17.3460 is our pivot point.

Our preference

Rebound towards 18.9470.

Alternative scenario

The downside breakout of 17.3460 would call for 16.7690 and 16.4260.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.9220 and 18.1070).

Supports and resistances

19.6380 **

19.2930 *

18.9470 **

18.6020

17.9095 last

17.5720

17.3460 **

16.7690 *

16.4260 **

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