USD/ZAR may rise 1475 - 2115 pips

17.8510 is our pivot point.

Our preference

Rebound towards 18.1580.

Alternative scenario

The downside breakout of 17.8510 would call for 17.7430 and 17.6790.

Comment

The RSI is below its neutrality area at 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 17.9550 and 17.9900).

Supports and resistances

18.2860 **

18.2220 *

18.1580 **

18.0940

17.9465 last

17.8930

17.8510 **

17.7430 *

17.6790 **

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