USD/ZAR may rise 862 - 1242 pips

Our pivot point is at 17.4430.

Our preference

Rebound towards 17.6380.

Alternative scenario

Below 17.4430, expect 17.3810 and 17.3430.

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 17.5240 and 17.5730).

Supports and resistances

17.7120 **

17.6750 *

17.6380 **

17.6000

17.5138 last

17.4680

17.4430 **

17.3810 *

17.3430 **

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