USD/ZAR may rise 893 - 1303 pips

17.5460 is our pivot point.

Our preference

Rebound.

Alternative scenario

Below 17.5460, expect 17.4780 and 17.4370.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (17.5760) but below its 50 period moving average (17.6200).

Supports and resistances

17.8250 **

17.7840 *

17.7440 **

17.7030

17.6137 last

17.5720

17.5460 **

17.4780 *

17.4370 **

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