FxWirePro: South African rand trades flat against U.S. dollar, stay bearish only below 13.50 mark
USD/ZAR is currently trading around 13.55 levels. It made intraday high at 13.58 and low at 13.52 levels. Intraday bias remains neutral till the time pair holds key support at 13.50 mark. A daily close above 13.67 will t…
It made intraday high at 13.58 and low at 13.52 levels.
Intraday bias remains neutral till the time pair holds key support at 13.50 mark.
A daily close above 13.67 will take the parity higher towards key resistances around 13.85, 13.99, 14.12, 14.28 and 14.57 marks respectively.
Alternatively, a daily close below 13.50 will drag the parity down towards key supports at 13.38, 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 June 2018 net $ gold & forex reserves stands at 42.447.
South Africa June 2018 gross $ gold & forex reserves stands to 50.582.
We prefer to take short position on USD/ZAR only below 13.50, stop loss 13.72 and target of 13.22.
