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FxWirePro: USD/ZAR hits fresh 3-week high at 15.07 mark, South Africa’s GDP data in focus

  • USD/ZAR is currently trading around 15.05 levels.
  • It made intraday high at 15.07 and low at 14.82 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 14.70 mark.
     
  • A daily close above 14.83 will take the parity higher towards key resistances around 14.90, 15.18,  15.44,  15.98 and 16.24 marks respectively.
     
  • Alternatively, a daily close below 14.83 will drag the parity down towards key supports at 14.70, 14.52, 14.30, 14.05, 13.65, 13.50 and 13.40 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 will release GDP data at 0930 GMT.

We prefer to take long position on USD/ZAR around 15.00, stop loss at 14.70 and target of 15.44.

  • Market Data
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