USD/ZAR may rise 983 - 1413 pips

17.5710 is our pivot point.

Our preference

Rebound towards 17.7850.

Alternative scenario

The downside breakout of 17.5710 would call for 17.4990 and 17.4570.

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 17.6570 and 17.6920).

Supports and resistances

17.8710 **

17.8280 *

17.7850 **

17.7420

17.6437 last

17.5990

17.5710 **

17.4990 *

17.4570 **

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