FxWirePro: South African rand trades marginally higher against U.S. dollar, downside limited
USD/ZAR is currently trading around 16.33 levels. It made intraday high at 16.61 and low at 16.24 levels. Intraday bias remains bullish till the time pair holds key support at 16.10 mark. A daily close above 16.53 will t…
It made intraday high at 16.61 and low at 16.24 levels.
Intraday bias remains bullish till the time pair holds key support at 16.10 mark.
A daily close above 16.53 will take the parity higher towards key resistances around 16.95, 17.34, 17.58 and 17.88 marks respectively.
Alternatively, a daily close below 16.53 will drag the parity down towards key supports at 16.10, 15.70, 15.40, 15.25, 15.10, 15.02, 14.94, 14.72 and 14.50 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/ZAR around 16.25, stop loss at 16.10 and target of 16.95.
