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- USD/ZAR is currently trading around 13.55 levels.
- It made intraday high at 13.58 and low at 13.52 levels.
- Intraday bias remains neutral till the time pair holds key support at 13.50 mark.
- A daily close above 13.67 will take the parity higher towards key resistances around 13.85, 13.99, 14.12, 14.28 and 14.57 marks respectively.
- Alternatively, a daily close below 13.50 will drag the parity down towards key supports at 13.38, 13.22, 13.16, 12.99, 12.70, 12.51 and 12.40 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- South Africa June 2018 net $ gold & forex reserves stands at 42.447.
- South Africa June 2018 gross $ gold & forex reserves stands to 50.582.
We prefer to take short position on USD/ZAR only below 13.50, stop loss 13.72 and target of 13.22.
