FxWirePro: South African rand erases previous loss against U.S. dollar, South Africa’s manufacturing production data in focus
USD/ZAR is currently trading around 15.00 levels. It made intraday high at 15.07 and low at 14.96 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 15.06 mark. A daily close above …
It made intraday high at 15.07 and low at 14.96 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 15.06 mark.
A daily close above 15.06 will take the parity higher towards key resistances around 15.26, 15.48 and 15.87 marks respectively.
Alternatively, a daily close below 14.92 will drag the parity down towards key supports at 14.70, 14.57, 14.27, 14.02, 13.90 and 13.83 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 manufacturing production data around 1100 GMT.
We prefer to take long position on USD/ZAR around 14.90, stop loss at 14.70 and target of 15.26/15.48.
