FxWirePro: South African rand marginally lower against U.S. dollar, faces strong support at 13.38
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 …
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.
