USD/ZAR may rise 881 - 1281 pips

17.4960 is our pivot point.

Our preference

Rebound towards 17.6940.

Alternative scenario

The downside breakout of 17.4960 would call for 17.4280 and 17.3880.

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 is trading under both its 20 and 50 period moving average (respectively at 17.5810 and 17.6360).

Supports and resistances

17.7750 **

17.7340 *

17.6940 **

17.6540

17.5659 last

17.5220

17.4960 **

17.4280 *

17.3880 **

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