USD/ZAR may rise 819 - 1199 pips

Our pivot point is at 17.3180.

Our preference

Rebound towards 17.5050.

Alternative scenario

Below 17.3180, expect 17.2560 and 17.2190.

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 stands below its 20 and 50 period moving average (respectively at 17.4150 and 17.4600).

Supports and resistances

17.5790 **

17.5420 *

17.5050 **

17.4670

17.3851 last

17.3430

17.3180 **

17.2560 *

17.2190 **

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