USD/ZAR may rise 1103 - 1593 pips

17.5300 is our pivot point.

Our preference

Rebound towards 17.7750.

Alternative scenario

Below 17.5300, expect 17.4480 and 17.3990.

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 17.6300 and 17.6600).

Supports and resistances

17.8730 **

17.8240 *

17.7750 **

17.7260

17.6157 last

17.5620

17.5300 **

17.4480 *

17.3990 **

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