FxWirePro: South African rand trades marginally higher against U.S. dollar, downside limited

• USD/ZAR is currently trading around 13.24 levels.

• It made intraday high at 13.32 and low at 13.22 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 13.32 mark.
   
• A daily close above 13.32 will take the parity higher towards key resistances around 13.43, 13.53, 13.80 and 14.01 marks respectively.
   
• Alternatively, a daily close below 13.32 will drag the parity down towards key supports at 13.16, 12.99, 12.70, 12.51, 12.40, 12.20, 12.02, 11.94 and 11.84 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 will release gold production as well as mining production data at 0930 GMT

We prefer to take long position on USD/ZAR around 13.18, stop loss 13.13 and target of 13.43/13.53.

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