FxWirePro: South African rand rises gradually against U.S. dollar, downside limited
USD/ZAR is currently trading around 17.34 levels. It made intraday high at 17.60 and low at 17.28 levels. Intraday bias remains bearish till the time pair holds key resistance at 17.50 mark. A daily close above 17.50 wil…
It made intraday high at 17.60 and low at 17.28 levels.
Intraday bias remains bearish till the time pair holds key resistance at 17.50 mark.
A daily close above 17.50 will take the parity higher towards key resistances around 17.83, 18.04, 18.22 and 18.40 marks respectively.
Alternatively, a daily close below 17.50 will drag the parity down towards key supports at 17.15, 17.02, 16.70, 16.40, 16.22, 16.00 and 15.70 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/ZAR around 17.35, stop loss at 17.50 and target of 17.15/17.02.
