USD/ZAR may rise 840 - 1250 pips

Our pivot point is at 17.5230.

Our preference

Rebound.

Alternative scenario

Below 17.5230, expect 17.4560 and 17.4150.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (17.5780) but under its 50 period moving average (17.6140).

Supports and resistances

17.8130 **

17.7730 *

17.7330 **

17.6920

17.6080 last

17.5500

17.5230 **

17.4560 *

17.4150 **

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