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FxWirePro: USD/ZAR hovers around key support at 13.65 mark, South Africa’s GDP data in focus

  • USD/ZAR is currently trading around 13.62 levels.
  • It made intraday high at 13.69 and low at 13.60 levels.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close above 13.65 will take the parity higher towards key resistances around 13.94, 14.02, 14.17, 14.40, 14.50, 14.78, 14.94, 15.06, 15.22 and 15.32 marks respectively.
     
  • Alternatively, a daily close below 13.65 will drag the parity down towards key supports at 13.56, 13.40, 13.18 and 13.01 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Africa will release GDP data at 0930 GMT.

We prefer to take short position on USD/ZAR only below 13.57, stop loss at 13.94 and target of 13.40/13.27.

  • Market Data
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