USD/ZAR may rise 988 - 1478 pips

Our pivot point is at 17.5460.

Our preference

Rebound towards 17.7730.

Alternative scenario

Below 17.5460, expect 17.4640 and 17.4150.

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 17.6420 and 17.6760).

Supports and resistances

17.8710 **

17.8220 *

17.7730 **

17.7240

17.6252 last

17.5790

17.5460 **

17.4640 *

17.4150 **

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