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FxWirePro: South African rand hits fresh 3-month high against US dollar, good to sell on rallies

  • USD/ZAR is currently trading around 14.9240.
     
  • It made intraday high at 15.22 and low at 14.89 levels.
     
  • South Africa's rand breaks through 15.0000 marks for first time since late December after Yellen's dovish comments.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close below 14.83 will drag the parity down towards key supports at 14.53/14.31 levels.
     
  • Alternatively, reversal from key support levels will take the parity up to test key resistances at 15.22/15.42/15.92 levels.

We prefer to take short position in USD/ZAR around 15.00, stop loss 15.22 and target 14.53 levels.

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