USD/ZAR may rise 888 - 1308 pips

Our pivot point is at 17.4630.

Our preference

Rebound towards 17.6580.

Alternative scenario

Below 17.4630, expect 17.3930 and 17.3510.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (17.5230) but below its 50 period moving average (17.5620).

Supports and resistances

17.7420 **

17.7000 *

17.6580 **

17.6160

17.5272 last

17.4910

17.4630 **

17.3930 *

17.3510 **

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