USD/ZAR may rise 876 - 1296 pips

Our pivot point is at 17.4730.

Our preference

Rebound.

Alternative scenario

The downside breakout of 17.4730 would call for 17.4020 and 17.3590.

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 is trading above its 20 period moving average (17.5300) but under its 50 period moving average (17.5490).

Supports and resistances

17.7630 **

17.7210 *

17.6780 **

17.6360

17.5484 last

17.5010

17.4730 **

17.4020 *

17.3590 **

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