- USD/ZAR is currently trading around 15.22 levels.
- It made intraday high at 15.35 and low at 15.15 levels.
- Intraday bias remains bearish till the time pair holds immediate resistance at 15.32 mark.
- A daily close above 15.32 will take the parity higher towards key resistances around 15.53, 15.73,15.98 and 16.24 marks respectively.
- Alternatively, a daily close below 15.32 will drag the parity down towards key supports at 15.02, 14.82, 14.70, 14.52, 14.30 and 14.05 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Africa Aug 2018 net $gold & forex reserves decrease to 42.35 usd vs previous 42.44 usd.
- South Africa Aug 2018 gross $gold & forex reserves decrease to 49.848 usd vs previous 50.511 usd.
We prefer to take short position on USD/ZAR only below 15.02, stop loss at 15.35 and target of 14.82/14.70.
