USD/ZAR may rise 1065 - 1555 pips

17.5420 is our pivot point.

Our preference

Rebound towards 17.7780.

Alternative scenario

Below 17.5420, expect 17.4590 and 17.4100.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (17.6190) but below its 50 period moving average (17.6440).

Supports and resistances

17.8760 **

17.8270 *

17.7780 **

17.7290

17.6225 last

17.5740

17.5420 **

17.4590 *

17.4100 **

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