FxWirePro: South African rand rises noticeably on robust standard bank PMI data
USD/ZAR is currently trading around 14.94 levels. It made intraday high at 15.10 and low at 14.94 levels. Intraday bias remains bearish till the time pair holds key resistance at 15.12 mark. A daily close above 15.12 wil…
It made intraday high at 15.10 and low at 14.94 levels.
Intraday bias remains bearish till the time pair holds key resistance at 15.12 mark.
A daily close above 15.12 will take the parity higher towards key resistances around 15.40, 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 15.12 will drag the parity down towards key supports at 14.94, 14.70 and 14.57 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.
South Africa standard bank whole economic PMI stands at 49.7 vs 48.4 previous release.
We prefer to take short position on USD/ZAR around 15.00, stop loss at 15.12 and target of 14.70/14.57.
