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- USD/ZAR is currently trading around 13.45 levels.
- It made intraday high at 13.50 and low at 13.40 levels.
- Intraday bias remains neutral till the time pair holds key support at 13.38 marks.
- A daily close above 13.38 will take the parity higher towards key resistances around 13.58, 13.75, 13.95, 14.16, 14.29, 14.50, 14.75, 14.96, 15.05, 15.28 and 15.45 marks respectively.
- Alternatively, a daily close below 13.38 will drag the parity down towards key supports at 13.20, 13.12, 12.95, 12.70, 12.48, 12.30, 12.22 and 12.14 levels respectively.
- South Africa’s April net $ gold & forex reserves increase to 41.728 bln $ vs previous 41.419 bln $.
- South Africa’s April gross $ gold & forex reserves increase to 46.69 bln $ vs previous 46.588 bln $.
We prefer to take long position in USD/ZAR around 13.42, stop loss at 13.38 and target of 13.58/13.75.
