USD/ZAR may rise 866 - 1286 pips

Our pivot point stands at 17.4550.

Our preference

Rebound towards 17.6520.

Alternative scenario

The downside breakout of 17.4550 would call for 17.3840 and 17.3420.

Comment

The RSI is below 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 17.5400 and 17.5730).

Supports and resistances

17.7360 **

17.6940 *

17.6520 **

17.6100

17.5234 last

17.4820

17.4550 **

17.3840 *

17.3420 **

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