USD/ZAR may rise 1054 - 1544 pips

Our pivot point stands at 17.6500.

Our preference

Rebound towards 17.8840.

Alternative scenario

Below 17.6500, expect 17.5670 and 17.5180.

Comment

The RSI is below 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 17.7300 and 17.7400).

Supports and resistances

17.9830 **

17.9330 *

17.8840 **

17.8350

17.7296 last

17.6830

17.6500 **

17.5670 *

17.5180 **

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