FxWirePro: South African rand erases previous loss against US dollar, good to sell on rallies
USD/ZAR is currently trading around 15.15 levels. It made intraday high at 15.29 and low at 15.13 levels. Intraday bias remains bearish till the time pair holds key resistance at 15.28 marks. A daily close below 15.28 wi…
It made intraday high at 15.29 and low at 15.13 levels.
Intraday bias remains bearish till the time pair holds key resistance at 15.28 marks.
A daily close below 15.28 will drag the parity down towards key supports at 15.12, 14.90, 14.71, 14.43(20D EMA) and 14.19 (May 03, 2016 low) levels respectively.
Alternatively, a daily close above 15.28 will take the parity higher towards key resistances around 15.66, 15.77, 15.86(February 29, 2016 high) and 16.15 marks respectively.
We prefer to take short position on USD/ZAR around 15.18 with stop loss at 15.32 and target of 14.96/ 14.75 marks.
