FxWirePro: South African rand trades almost flat against U.S. dollar, business confidence index in focus
USD/ZAR is currently trading around 13.37 levels. It made intraday high at 13.42 and low at 13.36 levels. Intraday bias remains slightly bearish for the moment. A daily close above 13.40 will take the parity higher towar…
It made intraday high at 13.42 and low at 13.36 levels.
Intraday bias remains slightly bearish for the moment.
A daily close above 13.40 will take the parity higher towards key resistances around 13.50, 13.70, 13.99, 14.12, 14.28 and 14.57 marks respectively.
Alternatively, a daily close below 13.40 will drag the parity down towards key supports at 13.22, 13.16, 12.99, 12.70, 12.51 and 12.40 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 will release business confidence index data at 0930 GMT.
We prefer to take short position on USD/ZAR around 13.40, stop loss 13.50 and target of 13.22.
