FxWirePro: South African rand trades flat ahead of manufacturing production data
USD/ZAR is currently trading around 14.66 levels. It made intraday high at 14.67 and low at 14.66 levels. Intraday bias remains bearish till the time pair holds key resistance at 14.70 mark. A daily close above 14.64 wil…
It made intraday high at 14.67 and low at 14.66 levels.
Intraday bias remains bearish till the time pair holds key resistance at 14.70 mark.
A daily close above 14.64 will take the parity higher towards key resistances around 14.70, 14.94, 15.02, 15.22, 15.40, 15.70, 15.92 and 16.10 marks respectively.
Alternatively, a daily close below 14.54 will drag the parity down towards key supports at 14.40, 14.22, 14.15 and 13.83 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Africa will release manufacturing production data around 1100 GMT.
We prefer to take long position on USD/ZAR only above 14.70, stop loss at 14.47 and target of 14.94.
