USD/ZAR may rise 786 - 1156 pips

Our pivot point is at 17.4400.

Our preference

Rebound towards 17.6160.

Alternative scenario

The downside breakout of 17.4400 would call for 17.3780 and 17.3410.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.5160 and 17.5580).

Supports and resistances

17.6900 **

17.6530 *

17.6160 **

17.5790

17.5004 last

17.4650

17.4400 **

17.3780 *

17.3410 **

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