USD/ZAR may rise 986 - 1476 pips

17.3860 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 17.3860, expect 17.3040 and 17.2550.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (17.4570) but under its 50 period moving average (17.5070).

Supports and resistances

17.7440 **

17.6950 *

17.6460 **

17.5970

17.4984 last

17.4180

17.3860 **

17.3040 *

17.2550 **

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