USD/ZAR may rise 1497 - 2147 pips

Our pivot point stands at 17.8450.

Our preference

Rebound.

Alternative scenario

Below 17.8450, expect 17.7370 and 17.6730.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (17.9450) but below its 50 period moving average (17.9680).

Supports and resistances

18.3080 **

18.2440 *

18.1800 **

18.1150

17.9653 last

17.8870

17.8450 **

17.7370 *

17.6730 **

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