USD/ZAR may rise 1023 - 1513 pips

Our pivot point is at 17.4870.

Our preference

Rebound towards 17.7200.

Alternative scenario

The downside breakout of 17.4870 would call for 17.4040 and 17.3550.

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 is trading under both its 20 and 50 period moving average (respectively at 17.5750 and 17.5980).

Supports and resistances

17.8180 **

17.7690 *

17.7200 **

17.6710

17.5687 last

17.5190

17.4870 **

17.4040 *

17.3550 **

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